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Economic Perspectives, Vol. 4, No. 3, 1978
Federal Grants-in-Aid — Solvency for State and Local Governments
Grants-in-aid from the federal government to state and local governments date from the nation's earliest days. Being sporadic, however, grants did not amount to much in budgets at any level of government until the Great Depression.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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