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1 1 (April 22, 2020)

handle is hein.crs/govdadk0001 and id is 1 raw text is: COVID-19 and State and Local Fiscal Conditions: Select Resources on Current Status, Impacts, and Federal Relief April 22, 2020 The coronavirus (COVID-19) has caused a sudden decline in economic output and surge in unemployment, and it has significantly altered the fiscal outlook for state and local governments. State and local governments use taxes and receipts, debt issuances, and intergovernmental transfers to support spending programs. And, unlike the federal government, states and local governments are generally required to balance their operating budgets every one or two years. Even before the pandemic, a 2019 Governnent Accountabilitv Office rcepot on state and local governetts fiscal outlook suggested that states and localities will have an increasingly difficult time generating sufficient revenues over the next 50 years to sustain current levels of government services. Early indications suggest that the COVID-19 economic shock will add to those difficulties by having a notable impact on state and local budgets, with both significant revenue decreases and additional spending pressures expected. This CRS Insight is intended to direct readers to selected CRS products and other resources related to COVID-19 and state and local government fiscal conditions. CRS Products CRS Report R46298, The Coronavirus Relief Fund (CARES Act, Title V): Background and State and Local Allocations, by Grant A. Driessen. The report includes details on the Coronavirus Relief Fund, a $150 billion state and local stabilization fund enacted as part of the CARES Act (P.L. 116-136) and administered by the Department of the Treasury. The report also includes tables listing estimated fund allocations for each of the states and territories. CRS In Focus IF1 1502, State andLocal Government Debt and COVID-19, by Grant A. Driessen. The In Focus discusses state and municipal debt issuances in light of recent economic and legislative developments. Congressional Research Service https://crsreports.congress.gov IN11351 CRS NSMGHT Prepared for Members aind C o m m itte esn o ff C oo r- _rr ss s ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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