Across the world’s most industrialized economies, the financial crisis of 2007 caused a contraction of state budgets and stimulated attempts to reform debt-burdened governments. In the United States, a system of fiscal federalism meant this turn towards austerity took a uniquely fragmented and geographically diverse form. Drawing on case studies of recent urban restructuring, Cities under Austerity challenges dominant understandings of austerity as a distinctly national condition and develops a conceptualization of the new US urban condition that reveals its emerging political and social fault lines. The contributors empirically detail the restructuring that is taking place across the United States, its underlying logics, its local impacts and the ongoing processes of challenge and resistance that influences how it is shaping the lives of citizens. The new American political economy, it is argued, needs to be understood as composed of a mosaic of urban experiences that both build upon a differentiated foundation and creates new divergences. As state reforms continue to interact with this diverse urban political economy of the United States, this collection provides a state-of-the-art survey on how postcrisis convergences and divergences in urban economies and urban politics have laid the foundations for the new political geography of the United States.