GAO: Without Action, States' Fiscal Position Will Worsen Through 2060
To prevent deficits, states and localities would have to reduce expenditures or increase revenues by about 12.5 percent.
A new report from the Government Accountability Office offers a stark warning to state and local governments: Absent policy changes, their financial situation will continue to decline and they'll face deficits for at least 50 years.
Though the projection is dire, it's unlikely to actually happen, as most state and local governments are required to balance their budgets. But the report does serve to underscore the size of the fiscal hurdles facing state and local governments.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
FCC Kills State Laws Blocking Municipal Broadband4 hours ago
Does Obama Have a Plan B If SCOTUS Strikes Down Subsidies?6 hours ago
Despite Kansas' Experience, States Push Big Income Tax Cuts8 hours ago
Historian Demands New Mexico Issue a Death Certificate for Billy the Kid10 hours ago
Tennessee Lawmaker Proposes Bill to Allow Students to Sip, but Not Swallow, Beer10 hours ago
Alaska Legislator Introduces Bill to Commercialize Marijuana10 hours ago