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.
States May Downshift Regulations for Driverless Cars3 hours ago
Court: Ohio Illegally Removed Voters From Rolls2 hours ago
Kansas Governor Pulls Plug on Quarterly Economic Report2 hours ago
A National Model for Breaking the School-to-Prison Pipeline2 hours ago
Moody's Downgrades Chicago Schools Further Into Junk Status2 hours ago
When It Comes to Waste, San Francisco Isn't As Green As It Thinks2 hours ago