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for Global economic crisis
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The global economic crisis has had a dramatic effect on tax revenues at national, state, and local levels. Many state governments, including North Carolina's, are facing record revenue shortfalls, and there is concern that local governments in harder-hit states may even be forced into default on their bond obligations. This bulletin will explain why the global economic crisis has been so severe and will identify how short- and long-term consequences of the crisis may affect state and local finances.