There was a lot of money riding on last week's elections. In the second largest borrowing referendum in history, voters in 23 states had to decide on proposed bond issues to raise more than $2.9 billion for new roads, airport terminals, schools, parks, subways, sea walls, water and sewer mains and urban renewal. Their decision: overwhelming approval of well over two-thirds of the bond issues, ranging from $1,500,000 for new firehouses in Omaha to $790 million for schools and parks in California. For the U.S. economy, the $2.2 billion in new state and local borrowing thus voted means an...
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