U.S. local governments are asking voters from San Diego to Alabama to approve $35 billion of bond issues, a 47 percent drop from the last presidential election year. It's the steepest decline since at least 1948.

The votes tomorrow are dominated by debt for schools in San Diego, Houston and Miami and a $750 million New Jersey issue for higher education, according to data from Ipreo, a New York-based provider of financial-market information.

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