The Political Risk of Phase Five and the Next Three Weeks

  • The next three weeks could be the most impactful for state and local governments as it relates to the fiscal policy response to the COVID-19 pandemic.

  • Meaningful aid for state and local governments is not a slam dunk, and political risk is high.

  • The U.S. monetary and fiscal policy response to the pandemic has been overall substantial, but has surprisingly left state and local governments all, but untouched.

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