To follow up on the previous post, Illinois could be the poster child (Yes Obama's home state).
From the Chicago Tribune
Gov. Pat Quinn on Tuesday unveiled a caustic budget plan that would borrow billions of dollars to stay afloat and push even more debt down the road, hoping to persuade leery lawmakers to instead raise taxes in an election year.
Quinn aides warned the plan would cost some 13,000 teachers and staff their jobs, cut off poor seniors from help in paying for costly prescriptions and shut down some health care programs for the indigent. But even after about $2 billion in cuts, the state would still be $11 billion in the hole.
After $2 billion in cuts they are still $11 billion in the hole???
Isn't this typical:
The administration's warnings served as the precursor for the Democratic governor's Wednesday budget address before a joint session of lawmakers who want to wrap up their business in two months so they can focus on their re-election.
This is typical also:
Similar cries about slashing services last year ended up being papered over by increased borrowing. Many lawmakers privately expect that fears among rank-and-file lawmakers about a voter revolt will lead to a repeat of last spring's session.
Intrade needs a place to bet on which state goes bust first.