States are facing a great fiscal crisis. At least 46 states faced or are facing shortfalls in their budgets for this and/or next year, and severe fiscal problems are highly likely to continue into the following year as well. Combined budget gaps for the remainder of this fiscal year and state fiscal years 2010 and 2011 are estimated to total more than $350 billion.Full report here, with annual state breakdowns and more.
Positive Outlook for State Budgets
...NOT. Actually, the state budget situation is getting worse by the day. The Center for Budget and Policy Priorities released their latest estimates of state budget deficits, and the news is pretty bleak: