States in a Fiscal Hole They Dug

States in a Fiscal Hole They Dug

Everywhere you look, states are being crunched by fiscal emergencies that range from painful to excruciating. California, which has been paying bills with IOUs, is now preparing to close state parks and furlough state employees -- which is what you have to do when your budget deficit is bigger than the entire budget of some states.

It's not alone. "At least 39 states have imposed cuts that hurt vulnerable residents," trumpeted a recent report from the liberal Center on Budget and Policy Priorities. California, New York and Delaware...