Ten U.S. States Now Facing Bankruptcy
By Mike Adams, October 10, 2008 | Key concepts: California, Budget deficits and Government spending
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California isn't the only state running on financial fumes. As this BusinessWeek report reveals, ten U.S. states are about to face financial implosion: California, Florida, Arizona, New York and many more.
From Finance.yahoo.com: California is going to Washington, D.C., to ask for $7 billion to cover its budget shortfall. Otherwise it won't be able to pay for its teachers, cops, firemen, and other essential services. Unfortunately, California won't be alone. A number of other states are experiencing a huge dive in tax revenue and could be going cap in hand to Uncle Sam alarmingly soon. How bad could it get? The potential cost for all the 31 states facing both major and minor shortfalls could be as much as $53.4 billion.... more
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