NGA: Weak Economy, Rising Costs Will Lead to Continued High Issuance

Vadum, Matthew
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p5
Trade Publication
State bond issuance will continue at its current high level in the near future as the states struggle with rising costs and declining revenues, the executive director of a group representing governors predicted on June 26, 2003. Weak revenues coupled with the rising cost of providing services to the public, especially health care, will force states to continue slashing their budgets for the next four to six months. States issued $90.78 billion in long-term debt in fiscal 2001, but that figure jumped to $130.66 billion in fiscal 2002. States issued $14.85 billion in short-term debt in fiscal 2001, but that figure more than doubled in fiscal 2002, rising to $32.24 billion. The survey of 50 state governors' budget officers, which reflects actual fiscal 2002, estimated fiscal 2003, and recommended fiscal 2004 state budget data, was conducted from January to June of this year.


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