CHICAGO - As most states grapple with looming deficits, North Dakota appears as a bright spot on the national landscape, heading into a new biennium with a projected $1.2 billion surplus.

Republican Gov. John Hoeven last week unveiled a $7.7 billion budget for 2009-2011 that boasts $500 million in tax cuts, a slew of spending hikes for everything from education to children's health care, and $600 million set aside in reserves.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.