Dr. Daniel Xu presented his joint research on state fiscal policy at the American Society for Public Administration Annual Conference, April 9-15, 2021. The study titled “Fiscal Policies, Financial Condition and Credit Rating: An Analysis of U.S. State Governments” examined the impact of tax and expenditure limits on financial condition and credit rating of state government. The research utilized the longitudinal financial data from the state government reports (2003-2018) and several other source and developed a new financial condition evaluation model. It found that stringent state tax and expenditure limits had a negative impact on both financial condition and credit rating. Different partisan control of executive and legislative branches also affected these two variables.