host: david skeel. guest: reactions to that, one, you're right that there are other alternatives that states ought to be pursuing. many of them are pursuing spend the there's the if that is sufficient to deal with its crisis. i agree with you. we wouldn't want a state to be -- in the bankruptcy. i also think governor -- you can't pick and choose which to hurt in bankruptcy. so one who wants to cut back on union contracts, they look great from that perspective but may not think it looks quite so good for a wall street perspective. because it also means cutting back on your other benefits. 10th problem is the not in inflicted. eff the state of new jersey has a budget short fall of bbt 27%. california in the 1940's. nevada in the 1940's. at what point do we have to seriously look at bailouts from congress or some type of bankruptcy? i mean, how long can this be sustained? >> it guest: it certainly can't be as to exactly what is the point where it's no longer sustainable. and you have to look at what the hr

david skeel is a professor of corporate law at the university of pennsylvania law school. he is the author of a book published in 2005. he wrote a history of bankruptcy law in 2001 as well as numerous articles and other publications. eileen norcross is a senior research fellow with the social change project and lead researcher on state and local public policy project. her work focuses on the question of how societies sustain prosperity and the role of civil society in economic resiliency. her areas of research includes state and local governments and economic development. iris lav is a senior adviser with the center on budget and policy priorities. prior to joining the center, she was an assistant director of public policy for the american federation of state, county, and municipal employees. thank you for being here today. members will have seven days to submit opening statements for the record. it is the policy of this committee that all witnesses be sworn in before they testified. we please rise and raise your right hands? do you solemnly swear the testimony you are abo

david skeel is a professor of corporate law at the university of pennsylvania law school. he is the author of a book published in 2005. he wrote a history of bankruptcy law in 2001 as well as numerous articles and other publications. eileen norcross is a senior research fellow with the social change project and lead researcher on state and local public policy project. her work focuses on the question of how societies sustain prosperity and the role of civil society in economic resiliency. her areas of research includes state and local governments and economic development. iris lav is a senior adviser with the center on budget and policy priorities. prior to joining the center, she was an assistant director of public policy for the american federation of state, county, and municipal employees. she is a senior consultant at a consulting firm. thank you for being here today. members will have seven days to submit opening statements for the record. it is the policy of this committee that all witnesses be sworn in before they testified. we please rise and raise your right hands

the university of pennsylvania law professor david skeel on the possibility of states declaring bankruptcy. it begins live at 7:00 a.m. eastern on c-span. >> sunday on it in debt, emmett tyrrell, who has written and half-dozen goes including "the conservative crackup," and his latest, "after the hang over." join our latest discussion with your e-mails and tweets at noon eastern on both tv. >> because of the extraordinary use of the filibuster, the ability of our government to legislate an address the critical problems is severely jeopardized. >> is it true he says that forceful threat to the end of the filibuster is an address to the melody and senator byrd did not want us tampering? >> the filibuster remains intact but there are few new rules in the senate. find out what they are and watch the debates with c-span congressional chronicle, with time lines and transcripts of every house and senate session. congressional chronicle at c- span.org/congress. >> the washington institute for near east policy is executive director called egypt's military the key to resolving the rapidly deteriorati

david arthur skeel is a professor of corporate law at the university of pennsylvania law school. he's the author of the board room published in 2005 and debt's to mannion, the history of bankruptcy law in america, published in 2001 as well as numerous articles and other publications. eileen norcross is a research fellow with the social change project and lead researcher on the state and local public policy project. per work focuses on questions of how societies sustain prosperity and the world civil society plays in supporting economic resiliency. her areas of research include fiscal federalism and institutions, state and local governments and economic development. iris lav is a senior advisor with of the center on budget and policy priorities to the prior to joining the center, she was a sissy director of public policy for the american federation of state, county and municipal employees and senior associate at a consulting firm. thank you for being here today. members will have seven days to submit opening statements for the record. it is the policy of this committee all witness