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Report of the State Budget Crisis Task Force

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Report of the The Task Force decided to focus on the major threats to states’ fiscal sustainability, by former Federal Reserve Chairman Paul Volcker and former New York Lt. Gov. Richard Ravitch. July 2012

  • “Since it was not feasible to study each of the 50 states in depth, we decided to target six states—California, Illinois, New Jersey, New York, Texas and Virginia—for in-depth, onsite analysis. In each state, the core team worked closely with experts who were deeply familiar with the substance, structure, procedures, documents, and politics of the state’s budget…The core team and state experts conducted detailed inquiries into major issue areas including Medicaid, pensions, tax revenues, debt, the fiscal problems of local governments, and state budgeting and planning procedures. In doing so, the core team and state experts reviewed budget documents and data from the respective states and interviewed key budget officials.”
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