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Bloomberg News: U.S. States Teetering on Brink of Fiscal Cliff, Ganeriwala Says

The possibility of automatic federal budget cuts threatens U.S. states’ well-being, even as their revenue recovers, said Manju Ganeriwala, the incoming president of the National Association of State Treasurers.

“We’re approaching the cliff, and hopefully it’s a climbing down and not just jumping from the cliff,” Ganeriwala, Virginia’s treasurer, said today at the State & Municipal Finance Conference hosted by Bloomberg Link in New York.

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States have a mixed financial picture heading into the Nov. 6 presidential election, said Susan K. Urahn, managing director of the Pew Center on the States in Washington, a nonpartisan group that studies and develops policy solutions. While their revenue has increased for 10 straight quarters, the take in 17 states hasn’t returned to levels seen before the 18-month recession that ended in June 2009, she said. Adjusted for inflation, 38 are below 2008 levels, she said.

Read the full article at bloomberg.com.

Experts:
Sue Urahn
 
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