The economic crisis has taken a toll on nearly every corner of the American economy, including the financial position of US states. With tax revenues decreasing and spending on the rise, some states are considering drastic measures.
In the most recent state budget report from the National Conference of State Legislatures, the highest estimates for the 2010 budget gap demonstrate how bad the situation could get.
States with the worst positions are ranked here according to the percentage of expected budget gap compared to state general funds. Also, for comparison, we include the most recent available tax revenue numbers (FY 2007) from the US Census Bureau.
With the help of the American Recovery and Reinvestment Act of 2009 (ARRA), many of these states already are off their highest FY 2009 budget gap estimates.
So, which states are potentially facing the worst 2010 budget gaps? Here are the 15 with the most to make up.
By Paul ToscanoPosted 9 June 2009