A Summary of What We Know ? And Don't ? About State Fiscal Crises

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Seemingly every day the media chronicles the dire fiscal straits facing virtually every state government. For many states, the deficits they face are unprecedented in size and persistence. And yet it seems we have been here before. At least once a decade over the past 30 or so years, the economy has taken a downturn, and state revenues have failed to keep pace with state expenditures. Despite the creation of "rainy day funds" in most states, policymakers continue to be caught unprepared each time the economy falters.

Note: This report is available in its entirety in the Portable Document Format (PDF).

The nonpartisan Urban Institute publishes studies, reports, and books on timely topics worthy of public consideration. The views expressed are those of the authors and should not be attributed to the Urban Institute, its trustees, or its funders.

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