he financial consequences of the recession that spanned from
December 2007 through June of 2009 has increased congressional
interest in the financial health of state and local governments.
State and local tax revenues declined, expenditures climbed, and
debt increased. Even though tax revenue has begun to rebound,
expenditures for unemployment benefits and other social programs
remain elevated. In response to these state and local government
fiscal headwinds, several hearings have been held early in the
112th Congress to examine the health of state and local government
finances and the potential effects on the economic recovery. This
book provides an overview of state and local government finances
and how these governments incorporate borrowing into their budget
and the debt parameters of each state.
General
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