State-and-Local Bailouts, Central Bankers & Climate Change

Welcome to the Capital Note, a newsletter about business, finance and economics. On the menu today: state-and-local assistance, central bankers tackling climate change, and a look at New York’s near-bankruptcy in 1975.



a person standing in front of a large building: A man walks past the Bank of England in London, England, August 6, 2020.


© Toby Melville/Reuters
A man walks past the Bank of England in London, England, August 6, 2020.

State-and-Local Assistance

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State-and-local assistance has emerged as the main sticking point in Congress’s negotiations over another round of coronavirus relief. Democrats have requested $500 billion for states and cities as well as an additional $225 billion for public schools, roughly double the amount that Republicans are willing to provide.

Whatever its merits, the Democratic proposal effectively attempts to use pandemic relief as a backdoor bailout for states and cities with Democratic constituencies. Kevin Hassett — a senior advisor to National Review’s Capital Matters and former chairman of the White House Council of Economic Advisors — says assistance on

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