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The real question I haven't seen much discussion of, is who covers state and local govts massive loss of tax revenue. They cant print money like the fed.

Is the fed going to monetize their debt as well?

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I think 17% of that 2 trillion is going to directly to state and local governments. And a much of the rest of it will be indirectly taxed by state and local governments in various ways. https://www.visualcapitalist.com/the-anatomy-of-the-2-trilli...

They can raise property gax, income tax, or gas tax, and yes the Fed govt can print money and grant it to states, as it does for highways and Medicaid.

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