Five days before a House panel is set to hold a hearing — “State and Municipal Debt: the Coming Crisis?” — governors are insisting that municipal securities are among the safest investments and that states are keenly aware of the need to repay their obligations.

“In contrast, the mere discussion of legislation, let alone the existence of a law allowing states to declare bankruptcy, would only serve to increase interest rates and create more volatility in bond markets,” members of the National Association of Governors warned House and Senate leaders in a letter Friday.

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