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.
Want a Full-Time Pension for Working Part-Time? Be a Kansas Lawmaker.1 hour ago
In One State, Abused Animals May Get Their Day in Court4 minutes ago
New Maps Could Predict Where Flooding Will Hit Worst3 hours ago
Lawmakers Unite Against Governor to Give Chicago Some Pension Relief4 hours ago
Ohio Takes Over Struggling Health Insurer5 hours ago
Iowa Supreme Court Bans Life Without Parole for Teen Murderers6 hours ago