State and local governments around the country are increasingly concerned about their bond ratings. Earlier this year, one of the national bond rating agencies downgraded the state of Illinois because of concerns about its budget liabilities.
In the past, Wisconsin faced similar concerns.
When I took office on Jan. 3, 2011, we faced a $3.6 billion budget deficit. Prior administrations had delayed payments, raided segregated funds and used one-time federal stimulus funds for ongoing operational expenses.
As governor, I took immediate action because my state faced a fiscal crisis.
These changes saved the hardworking taxpayers more than $1 billion, helped lower property taxes for the first time in 12 years on a median-valued home and turned a budget deficit into a surplus. Wisconsin has a great story to tell about reform.