Lower tax revenues hit 'muni' monolines

Continuing fiscal strain has heightened concerns over the fate of the new municipal monoline bond insurers.

A recent study by the US Government Accountability Office projects that the operating deficits of US state and local governments will rise to $312 billion in the next two years - $131 billion this year, and $181 billion in 2010. This is a sharp rise from the GAO's November estimate that the total operating deficit would be between $100 billion and $200 billion.

The pressure on municipalities

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