<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body style="overflow-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><div dir="auto" style="overflow-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><div class="kb0PBd A9Y9g jGGQ5e" data-snf="x5WNvb" data-snhf="0" style="flex: 1 1 100%; min-width: 0px; color: rgb(31, 31, 31); font-family: Roboto, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><div class="yuRUbf" style="font-size: small; line-height: 1.58;"><div class="b8lM7" style="display: flex; flex-direction: column-reverse;"><span class="V9tjod" jsaction="trigger.mLt3mc" style="text-wrap: wrap; transform: scaleY(-1);"><a jsname="UWckNb" class="zReHs" href="https://bipartisanpolicy.org/explainer/why-the-national-debt-matters-for-state-and-local-borrowing-and-infrastructure-investment/" data-ved="2ahUKEwil5OTS5--RAxUaDzQIHa6tGyIQFnoECCUQAQ" ping="/url?sa=t&source=web&rct=j&opi=89978449&url=https://bipartisanpolicy.org/explainer/why-the-national-debt-matters-for-state-and-local-borrowing-and-infrastructure-investment/&ved=2ahUKEwil5OTS5--RAxUaDzQIHa6tGyIQFnoECCUQAQ" style="color: rgb(26, 13, 171); 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min-width: 0px; color: rgb(31, 31, 31); font-family: Roboto, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><div class="VwiC3b yXK7lf p4wth r025kc Hdw6tb" style="line-height: 22px; color: rgb(71, 71, 71); word-break: break-word; display: -webkit-box; -webkit-box-orient: vertical; overflow: hidden; -webkit-line-clamp: 2;"><span class="YrbPuc" style="color: rgb(94, 94, 94); line-height: 22px;">Oct 14, 2025 \u2014 </span>The growing national debt will increasingly challenge state and local governments' access to financing. Large levels of federal borrowing are ...<a class="vzmbzf" aria-describedby="_ZEZZaaWiF5qe0PEPrtvukAI_77" href="https://bipartisanpolicy.org/explainer/why-the-national-debt-matters-for-state-and-local-borrowing-and-infrastructure-investment/#:~:text=The%20growing%20national%20debt%20will,demand%20higher%20yields%20in%20return." ping="/url?sa=t&source=web&rct=j&opi=89978449&url=https://bipartisanpolicy.org/explainer/why-the-national-debt-matters-for-state-and-local-borrowing-and-infrastructure-investment/%23:~:text%3DThe%2520growing%2520national%2520debt%2520will,demand%2520higher%2520yields%2520in%2520return.&ved=2ahUKEwil5OTS5--RAxUaDzQIHa6tGyIQ77oQegQIKRAD" style="color: rgb(71, 71, 71); margin-left: 8px; outline: 0px;">Read more</a></div></div><div class="kb0PBd A9Y9g" data-snf="oyZ5Hb" data-sncf="2" style="flex: 1 1 100%; min-width: 0px; color: rgb(31, 31, 31); font-family: Roboto, Arial, sans-serif; font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><div class="TXwUJf" style="color: rgb(94, 94, 94);">Missing: <s>repay</s> \u200e<s>loans</s></div></div><div><div dir="auto" style="overflow-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;"><br class="Apple-interchange-newline"></div></div></div></body></html>