Expenditures by America’s states and localities provide the infrastructure that bond the nation together, employing twenty-two million people and generating almost one-fifth of the nation’s gross domestic product, an amount that equates to about of 40% of overall government spending in the US (federal spending in fiscal 2023 was approximately $6.1 trillion. State and local expenditures in fiscal 2023 were approximately $4.0 trillion). 

While most states have constitutional or statutory obligations to maintain balanced budgets and neither states nor cities can print money to cover revenue shortfalls, deficits do occur. While bondholders and advisors monitor local and regional economies, this series broadens the policy discussion, bringing together academics, market participants, policymakers and practitioners. The series delves into current issues of importance, including the federal government’s COVID assistance, the fiscal cliff as this ends, together with the state and local infrastructure needs that are critical to the future of the economy.