A Brief Introduction to Municipal Debt in the U.S.

Municipal Debt Overview
American municipal debt is debt issued by American state or local governments, including towns, cities, and counties. Traditionally, this debt comes in the form of bonds and notes, which states or municipalities sell to raise money for capital improvements and capital projects.

Each section below outlines a different aspect of municipal debt.

What is municipal debt affordability?
=== How have municipal debt levels changed over time?     ===

=== Are traditional municipal debt instruments the only liabilities with which officials and residents should be concerned?   ===

What happens when a municipality cannot pay its debts?
 
 * New York City, 1975
 * Detroit, 2013
 * Puerto Rico, 2016