Here Are The 10 Most Debt-Ridden States In America

Jon Terbush
state debt chart

Photo: 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.

1. California

Projected Deficit: $612 billion

Fiscal Year 2011 Budget Gap: $17.9 billion

Source: State Budget Solutions

2. New York

Projected Deficit: $305.3 billion

Fiscal Year 2011 Budget Gap: $8.5 billion

Source: State Budget Solutions

3. Texas

Projected Deficit: $282.6 billion

Fiscal Year 2011 Budget Gap: $8.9 billion

Source: State Budget Solutions

4. New Jersey

Projected Deficit: $281.5 billion

Fiscal Year 2011 Budget Gap: $10.7 billion

Source: State Budget Solutions

5. Illinois

Projected Deficit: $280.6 billion

Fiscal Year 2011 Budget Gap: $13.5 billion

Source: State Budget Solutions

6. Ohio

Projected Deficit: $240.2 billion

Fiscal Year 2011 Budget Gap: $3 billion

Source: State Budget Solutions

7. Pennsylvania

Projected Deficit: $147.8 billion

Fiscal Year 2011 Budget Gap: $4.1 billion

Source: State Budget Solutions

8. Florida

Projected Deficit: $139.2 billion

Fiscal Year 2011 Budget Gap: $4.7 billion

Source: State Budget Solutions

9. Michigan

Projected Deficit: $125.3 billion

Fiscal Year 2011 Budget Gap: $2 billion

Source: State Budget Solutions

10. Connecticut

Projected Deficit: $99.8 billion

Fiscal Year 2011 Budget Gap: $5.1 billion

Source: State Budget Solutions

Meanwhile, on Wall Street...

Here's how much money Wall Street gave to the 2012 candidates >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.