COVID19 FUNDING THREAD: State & local governments are the front line responders to the #COVID19 epidemic. They will experience significant costs & at the same time their major sources of revenue will decline enormously due to social distancing and quarantine measures. /1 
But unlike the Fed Gov't, states & localities have very limited capacity 2 borrow in response to an emergency. Since they cannot print money & their debt is not supported in the way Federal Treasuries are, they must approach the credit markets just like any other corporation. /2
With no assistance states will be forced to make difficult choices between financing the fight against the Coronavirus epidemic and providing critical public services.
So New Yorkers are asking our leaders, specifically @SenSchumer to step up and fight for our needs. /3
So New Yorkers are asking our leaders, specifically @SenSchumer to step up and fight for our needs. /3
Right now, Congress is debating the next stimulus package & @RepMaxineWaters has a provision that could really help NY! Provision 21 would ensure the @federalreserve has the authority to purchase municipal bonds issued by states and localities during the pandemic response. /4
This could surge billions of needed dollars into our New York state budget right now! Dollars we desperately need based on the projected revenue losses by @NYSComptroller and the unwillingness of our legislators to ask the wealthiest to chip in more! #BudgetJustice /5
NY can not fight off the #coronavirus & provide the necessary safety net for our communities without more funding. @SenSchumer, it’s critical you support item 21 in @MaxineWaters #COVID19 response plan enabling the fed to purchase municipal bonds. Please fight for NY! /end
