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.
Feds Halt High-Speed Rail in California10 hours ago
In Voter ID Case, Judge Sanctions Texas for Stalling11 hours ago
Appeals Court Gives Doctors Free Range to Discuss Guns in Florida12 hours ago
North Dakota Governor Kicked Off Senate Floor for Wearing Jeans13 hours ago
West Virginia's Secretary of State Fires a Third of His Staff13 hours ago
Carl Brewer's Run for Kansas Governor Could Spark State's 1st Democratic Primary Since 199813 hours ago