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state and local government borrowing

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What is the signifigance (pros/cons) - to the State and the local governments - when the State has low State borrowing but the local government debt is high (ie California, North Carolina)?

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Compare state and local government borrowing

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The tables can be turned when the opposite is true. In the case of California, the State actually has high debt and so the revenue sharing that occured before (usually from DMV taxes) from the State to the local government is now ...

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