STUDY: state and local governments are carrying over $7 trillion in debt.

New research produced by Harvard's Institute of Politics (IOP), the University of Pennsylvania's Fels Institute of Government and the American Education Foundation (AEF) finds state and local governments are carrying over $7 trillion in debt.  The new 'State of the States' report also offers nonpartisan analysis on the FY 2011 finances and budgets of four U.S. states: Massachusetts, New Jersey, New York and Pennsylvania – and shows an end to federal fiscal stimulus is causing states to close widening budget gaps by cutting funding in education, infrastructure and other key programmatic areas.