Should states be able to claim bankruptcy?

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There has been some discussion on whether or not a state can declare bankruptcy. I don't see how it can. A state can cut a lot of funding before it even thinks about bankruptcy. In fact, many states just pay out way too much money to people who don't pay in and then all the people with money end up leaving because they get tired of their taxes getting raised so what happens? The state goes bankrupt. Why can't states, just like people and businesses, figure out how to do a budget and stop being so overzealous with spending. They should be relying on people and businesses to do the right thing. What do you think?