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Feds: States are $3.7 trillion in debt

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California isn’t the only state with a debt problem: States and local governments have over $3.7 trillion in debt, according to a new report from the Treasury Department’s Inspector General for Tax Administration (TIGTA). “State and local governments have outstanding debt of more than $3.7 trillion dollars in municipal bonds, and hundreds of millions of dollars in new municipal bonds are issued...

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