9 Other States Have Calif.-Sized Fiscal Messes

Ariz., Fla., Ill., Mich., and NJ among others facing crises

By Will McCahill, Newser Staff

Posted Nov 11, 2009 8:14 PM CST

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9 Other States Have Calif.-Sized Fiscal Messes — Arizona lawmakers are offering to sell legislative buildings, prisons and other facilities that the state would then lease back, effectively taking out a mortgage on paid-for state property. (AP Photo)

California has by no means cornered the market on enormous financial problems at the state level, with a report out today saying Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, and Wisconsin are also at tremendous risk. The Pew Center sees widespread unemployment, huge budget deficits, and the ongoing foreclosure crisis as common factors—plus various constraints that keep many of the states from raising taxes.

“While California often takes the spotlight, other states are facing hardships just as daunting,” the Center’s managing director tells the AP. “Decisions these states make as they try to navigate the recession will play a role in how quickly the entire nation recovers.”
(More financial crisis stories.)

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