White House Admits, US States Need To Be Better Prepared For Fiscal Volatility
by Tyler Durden
ZeroHedge.com
04/10/2015
“What the Great Recession has shown is that things have fundamentally changed,” The White House warned this week and, as Bloomberg reports, states would have to cut spending or raise revenue by a combined $21 billion in the event of a recession, further exacerbating economic weakness, Moody’s Analytics found in a stress test of state finances. While investors are willingly buying bonds with both hands and feet, The White House warns, states “need to be much more prepared for very volatile fiscal conditions than they had been in the past.”
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