The use of long-term debt is a traditional part of the fiscal policy of state and local governments.

Name: The use of long-term debt is a traditional part of the fiscal policy of state and local governments.
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State and local governments commonly use long-term debt to finance capital projects such as infrastructure improvements or construction of public facilities. This allows them to spread out the cost of these projects over many years rather than paying for them all at once.

The Use of Long-Term Debt Is a Traditional Part of the Fiscal