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Most, if not all, US states are forbidden in their constitutions from running a deficit.
But sometimes they do or not? What for is the ability to issue bonds, if you are not allowed to run a deficit?

I'm asking because there were reports of budget shortfalls in several US states. If they can't run deficits, in case of a surprising drop in tax revenue, they have to cut immensely in their spending?

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers

by Martin (weiser.mensch(at)googlemail.com) on Sun Jun 1st, 2008 at 02:05:41 PM EST
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