That 12.6% needs to fund current obligations.
Taxes from the rest of the Scottish economy would not be enough to fund current spending, which was well above the UK average per person.
Local governments will therefore be able to borrow lots more straight away to fund current spending without breaching the strict limits imposed by the law.
In return, the debt ceiling rises immediately by $400 billion, about enough borrowing room for the Treasury to fund current spending until September.
Under accounting rules, those dollars can't be used to fund current expenses.
"The social care system is crumbling and sorting out how to fund current and future needs is an urgent priority.
In an appreciating housing market, increases in home prices added to home equity, from which cash-constrained households could withdraw a portion to fund current expenditures.
You could interpret this to mean that current assets could fund current liabilities for a little over two years.
In short, how might the necessary reforms be funded within current levels of expenditure?
Edelman says neither company funded his current research.
