Concerns about the ability of US states and municipalities to meet their debt obligations are resurfacing as the threat of a double-dip recession heightens. After the 2008 crash and subsequent US economic recession, state and city revenues came under increasing pressure, leading some analysts to predict defaults on debt. However, although states and cities have struggled with budget shortfalls and have had to implement cost-cutting strategies and tax increases, those concerns seemed exaggerated.
Three years later, however, with a second recession looking increasingly likely, concerns have returned.
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