WASHINGTON — Faced with the loss of stimulus aid, state and local governments are hoping the economy will rebound in time to support their budgets and defuse market concerns over credit downgrades and possible bond defaults, market participants said in their outlooks for 2011.

Government officials, who saw positive tax revenues return in the second half of 2010, are hoping the upswing will gain momentum in 2011. The revenue growth could be further supported with stock market gains and higher employment, they said.

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