Deficit Reduction: A Threat to Tax-Exempt State and Local Government Obligations

March 6, 2012Articles
Association for Governmental Leasing & Finance
In the third quarter of 2011, the total national debt was approximately 100% of the gross domestic product of the United States for the first time since 1947. Recent estimates of the budget deficit of the United States approached $1.28 trillion. The Congressional Budget Office anticipates that this amount will more than double in the next few years without significant budgetary reform. Needless to say, strong bipartisan support for the reduction of the budget deficit and the national debt continues to grow.

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