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Local Govs Strapped for Cash

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The plunging real estate market has state and local govs hurtin' real bad these days. Dropping home sales are having a domino effect: people are buying less stuff to fill the homes they don't have, and as businesses shrink, so does tax revenue. California's one of the states worst hit by a revenue shortfall, along with Florida, Nevada, and Rhode Island— big ouch all around. [BusinessWeek]