eagle,
the fed accumulated a surplus (& paid of $96 billion of labor debt) coz the knew what they where doing.
the states couldn't accumulate surpluses & pay of debt coz they know nothing when it comes to running the economy.
plain & simple, don't confuse the issues.
DISCLAIMER FOR DAVE
during economic boom times even a crappy state labor government could, from time to time, accidentally run up a piddly little surplus.
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