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Jeff thank you for your reply. It was comforting to see that you had done due diligence on this issue. This is why PRO is my GO TO Place for Investment Advice.

I have taken extra time this past week following CNBC (benefits of being retired) coverage of this issue. I come away feeling better as I learned that the debt levels at even the states like Illinois and California is no where near the levels of some of the european countries and is manageable. The other key is that servicing the debt is at or near the top of the priority list for munis and is in most cases less than 10% of their expenditures.

Foolish Regards,

John
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