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.
The Week in Public Finance: College Ain't Cheap, Green Bond Fever and Job Problems2 days ago
The Other Problem with Guns: Lead Poisoning4 hours ago
Common Core Revolt Goes Local9 hours ago
Alaska Congressman Blames Government Handouts for Suicide10 hours ago
Tracing Ebola in a Hyper-Connected City of 8 Million10 hours ago
The 3 States Not Backing Down Against Gay Marriage10 hours ago