March 22, 2012
Two new studies of fiscal discipline and transparency have found that state government in the U.S. is actually working. But what does that mean for muni bonds?
By Craig Mellow
If there is one thing most Americans can agree on, it is that the quality of their government is bad and getting worse except maybe it isnt, at least at the state level. Statehouses have acted decisively on budgetary discipline while Washington dithers, shrinking aggregate deficits from $191 billion in the 2010 fiscal year to a projected $47 billion for FY 2013, according to the Center for Budget and Policy Priorities.
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