Fiscal officers in the states might be forgiven for having a collective mental breakdown. Over the two years from December 2007 to November 2009, the 50 states have faced a cumulative budget gap of $304 billion. Revenues are expected to continue dropping for at least the next two years. And looming in the not-too-distant future is an enormous bill: extravagant promises of pensions, health care and other benefits made to an ever-growing number of government retirees.
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