Local government officials are struggling to gauge the impact of the Standard & Poor’s unprecedented downgrade of federal credit even as Washington watches global reaction to its latest financial setback.
Will the ratings agency downgrade counties and states? Will the federal government’s predicament cost local taxpayers? And can local governments have better credit than the federal government?
“We are in uncharted territory,” Prince William County Board Chairman Corey A. Stewart (R) said. “No one knows what the ultimate long-term ramifications are. .”‰.”‰. But we know they’re going to be significant.”
Quite difficult for me to imagine the Washington D.C. area to have fiscal concerns with a US federal budget of $3.7 TRILLION. The average federal worker is paid far more than private sector workers. And the band played on. Statmann