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Is state and local government debt bigger than federal debt?
State and local debt is smaller than the federal debt burden of $16.80 trillion in publicly held debt at the end of FY2019, or 485% of annual revenues. State and local government debt generally involves higher interest rates than comparable federal debt.

What are state and local debt issuances?
This In Focus briefly describes the nature and characteristics of state and local debt issuances in light of recent economic and legislative developments. State and local governments typically issue debt to finance the construction of capital facilities (e.g., buildings, roads, and airports).

Are student loans the biggest source of debt?
Forty million people in the United States hold student debt totaling $1 trillion. While continued to rise. As a result, student loans are now, after mortgages, the largest source of household debt, outstripping credit cards and auto loans. Source: Lee (2013), based on data from the Federal Reserve Bank of New York.

How does federal debt affect the economy?
With households borrowing large amounts to buy homes and consumer durables, and with businesses borrowing large amounts to buy plant and equipment, Federal debt also decreased almost every year as a percentage of total credit market debt outstanding. The cumulative effect was impressive.

[PDF File]Reaching the Debt Limit: Background and Potential Effects on ...
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Since 2011, the debt limit has been increased through provisions of four pieces of legislation. The debt limit was increased on August 2, 2011, as part of the Budget Control Act of 2011 (BCA; P.L. 112-25). The BCA also provided for two additional debt limit increases, which occurred in September 2011 and January 2012.

[PDF File]State and Local Government Debt: An Analysis
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The role of state and local government debt was one of these issues. The federal government has a significant stake in this debt market, as the tax expenditure for tax-exempt bonds issued by state and local governments was recently estimated to be $161.6 billion over the 2010 to 2014 budget window.

University of Kentucky UKnowledge
states completely debt-free, and the majority of states were left with nominal, easily-managed debts that were further reduced by sound state fiscal policy (Ratchford 68). Following the federal assumption of the several states’ debts, those states largely avoided debt financing.

[PDF File]Federal Borrowing and Debt - The White House
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[PDF File]How States Restrict Borrowing - Tax Policy Center
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Debt Limits How States Restrict Borrowing Kim Rueben and Megan Randall November 2017 Debt limits are provisions that limit a state’s ability to take on new debt or debt service. Debt limits cap total debt at a certain dollar amount or limit outstanding debt to a certain percentage of revenues. Some historical limits have been set at very low ...

State and Local Government Debt and COVID-19 - CRS Reports
The CARES Act (P.L. 116-136), signed into law on March 27, 2020, included provisions that may offer fiscal relief to state and local governments. This In Focus briefly describes the nature and characteristics of state and local debt issuances in light of recent economic and legislative developments. Mechanics and Federal Support

States with no debt