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.
Important Questions Yet to Be Answered in Deadly Hoboken Crash14 hours ago
El Cajon Shooting Reignites Debate Over How Police Deal With the Mentally Ill14 hours ago
UnitedHealth and University of California Forge Unique Alliance14 hours ago
Pennsylvania's Special Protections for Drilling Industry Invalidated in Court14 hours ago
California Promises to Make Voting a Lot More Convenient14 hours ago
School Choice Funding Method Rejected by Nevada Supreme Court14 hours ago