House Majority Leader Eric Cantor, R-Va., has a message for cash-strapped states: don't come to Washington, hat in hand.

"There will not be a federal bailout of the states," said Cantor. "I don't think that that is necessary. State governments have the requisite tools to address their ills."

Many states are now operating in the shadow of a looming fiscal crisis and some on Capitol Hill have floated the possibility of lawmakers authoring some sort of a rescue package to boost states teetering on the edge of bankruptcy.

House Judiciary Committee Chairman Lamar Smith, R-Texas, plans a hearing on the fiscal soundness of states in mid February.