WASHINGTON -- The latest round of budget-balancing tax increases and spending cuts by state and local governments is increasing the risk that the national economy will fall back into recession after a short-lived recovery, economists say.

A large number of state and local governments, to preserve their credit status and comply with balanced budget mandates, have ordered severe fiscal measures aimed at eliminating inflated deficits whose total the National Governors' Association has estimated at between $30 billion and $50 billion in fiscal 1992.

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