State and Local Relief Not Likely Until July; Delayed by Demonstrations, Other Agenda Items

  • A consensus has seemingly developed for the need for state and local government fiscal relief, but negotiations are going to be delayed because of law enforcement reform talks sparked by recent demonstrations and other legislative agenda items.

  • The end effect from any delay is state and local governments will have a reduced ability to deliver needed services, credit quality will take a hit, and near-term economic growth and the potential financial recovery will also be contested as a result.

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