Former President Bill Clinton called Tuesday for state governments to use the recent economic crisis as a teachable moment and consider overhauling their budgeting processes.
Clinton gave the keynote address at a symposium on federalism at the National Constitution Center on Tuesday afternoon.
Drawing on his 12-year tenure as governor of Arkansas, Clinton argued that budget shortfalls in capitals across the country highlight the need to question the fiscal relationship among the federal, state, and local governments.
"We shouldn't let this crisis pass without using it as an opportunity to reform budget systems up and down the line, and they essentially need to be more conservative and responsible," Clinton said. "I believe, if you can't print money, then you're playing Russian roulette with your future if you don't do that."