State budgets in crisis: Happy new year

Every state but two, commodity-rich North Dakota and Montana, has faced a deficit this year. One legislator in New Jersey described her state as “functionally bankrupt”. More than 5,000 Illinoisans gathered on June 23rd to protest against cuts to social services, with a child placed in a coffin for dramatic effect. In California, which faces a $24 billion gap, Arnold Schwarzenegger, the governor, sent the leader of the state Senate a metallic pair of ... Full Story »