GAO Report Paints Bleak Fiscal Outlook for States, Local Governments

By Ray Pinard | May 16, 2013

An important report published on the Governing.com web site

A new report by the Government Accountability Office forecasts a gloomy outlook for state and local government budgets, finding an ever-widening gap between projected revenues and expenses for years to come.

States and localities will record operating balances with an aggregate deficit of 1.6 percent of gross domestic product this year, according to the report. Absent any reforms, the deficit will balloon to 2.7 percent within 30 years.

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