Fiscal Policy: Chris Edley Is Making Sense--a Long-Term Deficit-Neutral State Aid During Recessions Proposal

I favor the Fed rather than the Treasury, and rather more oversight to qualify for the loans than Chris Edley's advances proposal--but Chris is making sense:

Chris Edley: [S:]everal states have country-sized G.D.P.’s, but none has the macroeconomic tools of an independent country. Every state except Vermont has some sort of balanced budget requirement that prevents it from weathering a recession by running up big deficits to keep teachers employed, students in college, welfare payments...