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The authors, who wrote the National League of Cities' City Fiscal Conditions in 2008, adapted the report for Government Finance Review. The annual survey report was released in September 2008.
The recent financial turmoil on Wall Street had well-publicized effects on Main Street. But the current and pending fiscal challenges facing cities, other local governments, and states will also affect Wall Street and the health of the U.S. economy Combined, the state and local government sector comprises 13 percent of the U.S. gross domestic product, according to the U.S. Bureau of Economic Analysis. When local and state governments are ...