IIRC, states and cities can’t really run up year-to-year deficits the way the federal government does. They can really only cut services, issue bonds, raise tax

IIRC, states and cities can’t really run up year-to-year deficits the way the federal government does. They can really only cut services, issue bonds, raise taxes, or use emergency funds to cover increased expenses. That’s why federal bailouts of states keeps coming up. I’m budgeting for up to a 10% aggregate tax increase now, but I have no idea if that’s too high or low.