Fifth Phase of Fiscal COVID-19 Relief is No State and Local Government Windfall

  • This week’s federal fiscal relief should not be considered a windfall for state (or local) governments.

  • Although Congress has spent $4.5 trillion on COVID-19 relief to date, there has not been any direct unencumbered funds allocated to state and local governments that could be used to offset budget shortfalls.

  • After assuming that $64 billion of this week’s relief offsets some state and local spending, we still are expecting state and local government budget shortfalls of at least $107.5 billion.

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