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For U.S. State Budgets, Austerity Is Here To Stay Jan 12
Standard & Poors, January 2012
Although the Great Recession is long over, as we look at U.S. states in advance of fiscal 2013 budget deliberations it appears that austerity is here to stay. Our credit outlook for the sector at the start of 2011 focused on the difficult transition to a post-stimulus budget environment. By all accounts, states have made the often-difficult decisions necessary to transition their budgets. For most, the solutions were structural, with less reliance on non-recurring resources and debt issuance and more focus on spending reductions and, to a lesser extent, revenue enhancement. We believe that this focus on structural solutions in fiscal 2012 will translate to a more favorable budget picture heading into fiscal 2013. Despite a steady pace of economic...
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