Tags: state | budget | deficits

State Budget Deficits Explode

By    |   Tuesday, 16 Jun 2009 11:52 AM

It’s not just the federal budget that’s in trouble. State budgets are too.

State budget deficits will eventually add up to more than $281 billion, according to the National Conference of State Legislatures’ latest report.

States are suffering from the same woes as the federal government: a falling tax base and ever expanding spending obligations.

Here are the 10 states in the worst budget shape measured by the ratio of deficit to general fund, cited by CNBC.

Highest Estimate of 2010 Deficit Percent of General Fund

1. Nevada $1.2 billion 32 percent

2. New York $17.65 billion 31.9 percent

3. Alaska $1.35 billion 30 percent

4. Arizona $3.0 billion 28.2 percent

5. Florida $6.0 billion 27 percent

6. California $24.79 billion 22.3 percent

7. Vermont $238 million 21.5 percent

8. Connecticut $3.968 billion 21.4 percent

9. Illinois $7.29 billion 21.2 percent

10. New Jersey $7.15 billion 20 percent

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Economy
It’s not just the federal budget that’s in trouble. State budgets are too.State budget deficits will eventually add up to more than $281 billion, according to the National Conference of State Legislatures’ latest report.States are suffering from the same woes as the federal...
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2009-52-16
Tuesday, 16 Jun 2009 11:52 AM
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