The Federal Reserve recently reported that, for the first time since 1996, state and local governments in the United States reduced their debt last year.
Media report:
Bloomberg: U.S. Local-Government Debt Declines for First Time Since 1996, Fed Reports (8 MAR 12)
Reports:
Federal Reserve: Flow of Funds Accounts of the United States - Fourth Quarter 2011 (8 MAR 12)
Federal Reserve: Flow of Funds Accounts of the United States: Coded Tables (8 MAR 12)
Federal Reserve: Credit Market Debt Growth by Sector (8 MAR 12)
Federal Reserve: Credit Market Debt Outstanding (8 MAR 12)
Federal Reserve: Consolidated Statement for Federal, State, and Local Governments (8 MAR 12)
Background information:
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