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Join cohosts William Glasgall and Susan Wachter and our expert panel as we address the rapidly darkening outlook for state and local budgets and what this means for policymakers, taxpayers, and investors. As the widely adopted July 1 start of their new fiscal year approaches, many states are facing fiscal challenges that few governors were anticipating as they delivered their annual budget messages only a few months ago. Even though states started 2025 projecting healthy cash reserves of almost $300 billion, that cushion will be tested by the Trump administration's suspension of tens of billions of dollars in U.S. grants as well as potential cuts by Congress to federal Medicaid funds. A possible threat to the federal tax exemption on most municipal bonds, the impact of a global tariff war, and the rising likelihood of a U.S. recession also will further constrain state and local budgets even as several years of record post-COVID federal stimulus comes to an end. Panelists include: Jonathan Womer, Director of Administration for Rhode Island Vikram Rai, former Head of Municipal Markets Strategy at Wells Fargo Emily Brock, Director, Federal Liaison Center | Government Finance Officer Association Shelby Kerns, Executive Director | National Association of State Budget Officers Teryn Zmuda, Chief Research Officer and Chief Economist | National Association of Counties To learn more please visit: https://penniur.upenn.edu/events/special-briefing-on-state-budgets-the-big-squeeze-2025