Local, state governments banking on federal stimulus

12/23/2008 | Bond Buyer (subscription required), The

State and local officials are counting on an economic-stimulus package from the federal government that will help them overcome massive budget deficits. Revenues have slumped with the broader economy, leading one observer to note that revenue declines are worse now than they were in 2002 and 2003. Uncertainty in the municipal bond market is also adding to the difficulties.

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