America’s Playground recently had its credit rating downgraded to junk status, and the state is unwilling to take over its finances.
In his State of the Union, the president proposed expanding a program that encourages state and local governments to pay for infrastructure projects with public-private partnerships.
While budgets were more stable last year, several states still tapped into their reserves.
Thanks to changes in the market, bond ratings don’t mean what they used to.
