The federal deficit is disturbing, but Washington can print money. The states have to balance their budgets, and the total of shortfalls around the country is at $82 billion. Nobody wants to raise taxes, and even massive cuts aren't likely to make up the differences. As we've just heard, bankruptcy has been suggested.
Should States Declare Bankruptcy?
Matthew Murray - Professor of Economics, University of Tennessee, Bruce Cain - University of California Washington Center, Ray Long - Illinois Statehouse Reporter, Chicago Tribune, Emily Ramshaw - Assistant Managing Editor, Texas Tribune, John Weingart - Associate Director, Rutgers University's Eagleton Institute of Politics