Kirk along with 14 of his Republican colleagues introduced the No State Bailouts Resolution last week that would ensure that the Federal Government could "take no action to redeem, assume, or guarantee state debt."
"Our looming debt crisis is our generation’s test," Kirk said last week in a speech from the Senate floor. "This resolution says that the states, as sovereign entities, retain control over their spending and taxation, and are responsible for their own debts. "
As the U.S. pulls out of recession several states including California, New York, New Jersey and Kirk's own state of Illinois have faced enormous deficits while watching revenue decrease.
"With this resolution, we are preventing an era of bailouts for states and local governments," Kirk said.