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statebudgetsolutions.org
While the federal government grapples with its own enormous deficit, individual states are also facing huge deficits that total an astounding combined $4 trillion.
That figure comes from the newly-released annual report on state debt from State Budget Solutions, a nonprofit think tank that cuts through state government accounting tricks to find the true extent of their deficit burdens.
For their figures, SBS combined states' outstanding debt and their current year budget shortfalls, and then factored in the projected costs of other liabilities, including pension and retirement costs, that have yet to be paid for.
On the high end, SBS projected that California is facing a deficit in excess of $600 billion. By contrast, Vermont is stuck with a deficit of just $6 billion.
