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Debt ceiling Debate
Thu July 28, 2011
Snyder says he's trying to get information on possible national debt default
"So we're on deck trying to get information from Washington as to what the order of cutbacks might be or payment-stream changes might be," Snyder said.
Snyder did not point fingers at either Democrats or Republicans in Washington, instead calling for compromise. "There's a lot of people that are in that process and they all need to come together," he said. "This clearly does not help matters".
Although almost every state must balance their budgets, they also rely on borrowing — selling bonds to investors for everything from meeting day-to-day cash-flow needs to funding major capital improvements.
"They borrow to finance long-term projects like infrastructure, road and bridge construction, as well as an upgrade of the telecommunications systems," said Kil Huh, who is with the Pew Center on the States. "These are activities that create jobs — in the long run have multiplier effects. And, essentially, If states need to postpone these in order to get more favorable terms, that's going to have an impact on those communities as well in terms of jobs and recovery."