Our nation’s next president wasn’t the only thing elected last night.
So was $10.9 billion in local-government debt.
Voters in the U.S. passed at least $10.9 billion in local government bond issuances, according to Bloomberg. There was $37 billion in borrowings up for vote yesterday, which is 45-percent less than in 2008.
“There is a reluctance to commit to new ongoing spending given the uncertainty of revenue,” Tracy Gordon, a state and local-finance economist with The Brookings Institution, told Bloomberg. “Similarly, there is a hesitancy on the part of voters to incur debt when they are still recovering from the recession.”
Some of the projects approved by voters include $642 million in funding for sewer improvements in Dallas and $1.3 billion in highway construction in Arkansas, according to Bloomberg.
About 63 percent of the $307 billion in debt issued since Oct. 25 has been to refund higher-cost debt.
“That trend is going to continue as voters across the country continue to feel the need to keep debt at a low level,” John Loffredo, co-head of MacKay Municipal Managers in Princeton, New Jersey, told Bloomberg.
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon