ABSTRACT

State and Local Fiscal Conditions and COVID-19: Lessons from the Great Recession and Current Projections [May 18, 2020]   [open pdf - 661KB]

From the Document: "Federal assistance to state and local governments has been a central part of the fiscal policy discussion surrounding the COVID-19 [coronavirus disease 2019] pandemic. Economic downturns tend to depress the tax bases of federal, state, and local governments, and may also increase demands for certain spending programs. Unlike at the federal level, however, most states and localities have statutory requirements to balance their budgets every one or two years. Absent other measures, these balanced budget requirements can necessitate tax rate increases or spending cuts that could exacerbate economic distress."

Report Number:
CRS Insight, IN11394
Author:
Publisher:
Date:
2020-05-18
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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