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.
Gas Tax Increases Still a Hard Sell in States and Congress7 hours ago
Job Growth in State Government Remains Sluggish in 20167 hours ago
Obama Wants to Tax Oil Companies to Fund Green Transit11 hours ago
Source: Massachusetts Governor Will Endorse Christie13 hours ago
TV's Montel Williams Ready to Return to GOP for Kasich13 hours ago
2016 Obamacare Enrollment Exceeds Last Year's by 1 Million13 hours ago