In a Bad State

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In a Bad State provides the first comprehensive history and theory of how the federal government has addressed subnational debt crises. Tracing the long history of public budgeting at the state and local level, David Schleicher argues that federal officials face a "trilemma" when a state or city nears default. But whether they demand state austerity, permit state defaults, or provide bailouts-and all have been tried-federal officials can only achieve two out of three goals, at best. Authoritative and accessible, this book is a guide to understanding the pressing problems that local, state, and federal officials currently face and the policy options they possess for responding.