The country is pulling out of the Great Recession, but an Associated Press review of 50 balance sheets shows state budgets ravaged by declining tax revenue and bank accounts far leaner than they were when the downturn took hold.
Many face massive liabilities for years to come. Budget and other fiscal data compiled by the AP show that across the 50 states, the $734 billion in cumulative revenue available for the coming fiscal year has dropped by about $34 billion, or 5 percent, from the 2007-08 fiscal year, when the recession began.
Some states are in far worse shape. New Jersey, Nevada, Oregon, Illinois and Louisiana reported deficits that are more than 20 percent of their state's general fund.