WASHINGTON — State revenues are expected to rise in fiscal years 2011 and 2012, but a record jump in Medicaid costs, combined with voters’ reluctance to take on new debt, could keep states from issuing bonds for infrastructure and other investment projects, officials and market participants said Thursday.

They made their remarks as two groups — the National Governors Association and the National Association of State Budget Officers — released their biannual Fiscal Survey of the States report showing that while many states are recovering from the recession, their revenues and expenditures are still below 2008 levels.

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