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Despite balanced budget requirements, each year most states carry short term debt (STD) across fiscal years. Logit analysis results suggest structural fiscal stress causes states to carry STD across fiscal years. This strategy may not be rational, because STD is a tool for smoothing short-term shortfalls, and not for correcting structural fiscal stress. Cross sectional time series analysis results suggest both structural and cyclical factors influence the amount of year end STD. Findings suggest STD amounts fluctuate as a rational temporary replacement for long-term debt, growing when long term rates rise and decreasing when they fall.

If you are 30 or older, you are middle‐aged by someone's criteria. When the college students of the 1970s declared “Don't trust anyone over 30,” did you think they would be someday talking about you? And what about those who say “Life begins at 40”? Did you ever believe them?

Chemical warfare: ACS fires back at Dialog The American Chemical Society (ACS) has finally answered Dialog's $150 mil‐lion lawsuit against it with a countersuit and accusations that Dialog defrauded it of $10 million in royalties. ACS seeks an additional $30 million for punitive damages and asked the courts to insist on a formal audit of Dialog's payments.