A Bankruptcy Regime For States: Pros And Cons

Law360, New York (February 14, 2011, 2:57 PM EST) -- Most states are facing growing financial storms. Income, property and sales tax revenues, which provide nearly 80 percent of state and municipal revenue, fell nearly $78.5 billion (approximately 12 percent) from 2008 to 2010.[1] This decline was due to, among other things, high unemployment, depressed real estate values and, until recently, conservative consumer spending.

During that same period, state reliance on federal funding, which represented 34.7 percent of total state expenditures in 2010, grew by approximately $172 billion, in large part due to the American Recovery...
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