Biggest Budget Gaps
As the financial crisis unfolds and the economy weakens, many states are having a hard time paying their expenses. In all, about 35 states have reported a budget gap for the 2009 fiscal year. Put together, it amounts to some $56.4 billion, according to estimates compiled by the research organization Center on Budget and Policy Priorities.
Click ahead to the ten states with the biggest budget holes, as a percentage of the annual budget. The total dollar amount of the gap is based on the states' mid-year budget assessment.
Arizona
Gap as percentage of total budget: 23.4 percent
Gap: $2.4 billion
California
Gap percentage: 22.0 percent
Gap: $22.2 billion
Florida
Gap percentage: 19.9 percent
Gap: $5.1 billion
Nevada
Gap percentage: 16.0 percent
Gap: $1.2 billion
Rhode Island
Gap percentage: 13.9 percent
Gap: $456 million
Virginia
Gap percentage: 12.8 percent
Gap: $2.2 billion
South Carolina
Gap percentage: 11.7 percent
Gap: $804 million
New York
Gap percentage: 10.8 percent
Gap: $6.1 billion
New Hampshire
Gap percentage: 10.0 percent
Gap: $310 million
Alabama
Gap percentage: 9.5 percent
Gap: $784 million
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