Senators Seek Ways To Assist Failed States.

The article reports on the move of the Senate Budget Committee to come up with a plan to address the state financial crisis in Washington, D.C. It states that Federal Reserve Board chairman Ben Bernanke was pressed on whether lawmakers should draft legislation that would allow states to file for bankruptcy. Moreover, the state and local fiscal crises could result in defaults on hundreds of billions of dollars of municipal bonds as projected by analyst Meredith Whitney.