US State & Local Government

  • Recovery will be uneven for states and local governments, depending on their revenue mix and economic base.
  • Many states will not recover revenue lost in fiscal year 2020 until the latter part of calendar 2021 and some will face challenges into 2022.
  • States will tap reserves and some will take on debt by issuing deficit bonds.
  • Local governments will face constrained revenue growth, particularly in the beginning of calendar 2021.

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