$2.2 trillion stimulus is a life jacket, not a rescue boat for states and cities

Dallas Morning News

Prior to COVID-19, the budgets of at least a few municipalities and many states were taking on water, write LBJ's Martin Luby and former LBJ Professor Michael Granof. Today, state and local governments face an imminent fiscal tsunami thanks to COVID-19, and the CARES Act will provide little protection.The federal package will keep governments afloat, but reaching a firm fiscal landing will mean doing what seems counterintuitive and steering away from what may seem like the logical thing to do.