WASHINGTON--If their records running two very different states are any guide, Democratic presidential candidates Bill Clinton and Jerry Brown could not be further apart in their attitudes toward state and local finance issues.

Mr. Clinton, the governor of Arkansas, comes from a small, poor state with a plethora of towns that have trouble gaining access to the credit markets. He is described as a government official who has used tax-exempt financing as a tool to infuse those towns with cash and foster economic development.

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