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COPYRIGHT 2006 Society for the Advancement of Education
It is well-known that the Federal government is amassing large amounts of debt, but state and local governments are piling it up as well. State and local debt soared from 1.19 trillion dollars in 2000 to 1.85 trillion dollars in 2005. About 39% of the total is state, while 61% is local, points out Chris Edwards, director of Tax Policy Studies at the Cato Institute, Washington, D.C.
Most state and local debt takes the form of long-term bonds. Issues of municipal bonds raised an average $230,000,000,000 annually in new funds between 2001-05, up from the $152,000,000,000 average between 1996-2000.
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