So how far out of whack is your state's budget?

Here are some numbers compiled by the WSJ. The figures aren't very useful because they are for billions of dollars rather than the deficit as a percentage of the budget. Comparing California to Illinois or any other state in this way simply isn't very useful. Here is the WSJ chart.

The article on this table is here.

From Sacramento to Austin to Albany, the day of fiscal reckoning is here. At one point this spring, financial markets were demanding more to insure investors against defaults by Illinois, New Jersey, New York and Michigan than to insure the debt of Ireland and Portugal, the flailing economies of Europe.

Federal aid cushioned states from some of the drop in revenues during the recession, but that's running out. With all statehouses unable to borrow as readily as Washington and nearly all constitutionally required to balance their budgets, they can't ignore gaps between revenue and spending.

On Monday, Pennsylvania's house of representatives passed a bill, already approved by the state senate, that raises the retirement age for new state workers and gives workers a choice between lower pension benefits and higher contributions. . . .



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