A new report by the Government Accountability Office forecasts a gloomy outlook for state and local government budgets, finding an ever-widening gap between projected revenues and expenses for years to come.
States and localities will record operating balances with an aggregate deficit of 1.6 percent of gross domestic product this year, according to the report. Absent any reforms, the deficit will balloon to 2.7 percent within 30 years.
To read the full, original article click on this link: GAO Report Paints Bleak Fiscal Outlook for States, Local Governments
