Look at how some of the "blue" states are doing. California, Illinois, and Maryland are just three which have deficits due in large part to runaway healthcare expenses but, even though they have raised taxes even higher, they will still run deficits.
"Red" states like Texas, North Dakota, and Virginia (more of a purple state I think) cut spending and now not only have balanced budgets but also lower unemployment rates (Texas = 6.0; ND = 2.9). Part of ND's success was allowing the private sector to develop the Bakken oil field, something you won't see O'bama do.
Unfortunately, it probably doesn't matter which state you live in; the U.S. is headed the way of California with O'bama in the White House for another four years.