New Jersey, Ohio, and others have tackled tough budget deficits. They're addressing deficits by cutting spending, not hiking taxes, and looking at the long term.
For most states, new taxes are off the agenda next fiscal year, according to reports from the National Governors Association. The recovering economy will yield higher tax revenues for states, but not to pre-recession levels.
Many states fell into a fiscal hole in 2009, and continue to lag behind in economic recovery. A look at ten states facing the biggest budget problems in 2010.
All but one state (Vermont) saw tax collections and other funds fall for the second quarter in a row. Over the past year, they’ve lost more than they got in federal stimulus money.
A bond sale this week will test whether private capital can meet California's shortfall.