The Lex column quotes her as saying there is $6 trillion --- that's trillion --- of total outstanding debt (including underfunded pension plans) in U.S. cities and states. That equals 2.5 times their tax base, Lex quotes her report. Put another way, that's equal to about 40% of of the nation's GDP. If she is right --- that a wave of government defaults is on the way --- how do you position your clients' portfolios? Especially those clients in high tax brackets who rely on munis for income?