California, More States Facing Enormous Budget Shortfalls

The State of California missed a midnight deadline for a budget solution, and may have to issue IOUs. But they're not the only states facing imminent budget crises.

Pennsylvania, Ohio, Arizona, and Illinois are just some of the states rushing to find budgets solutions and avoid crippling cuts.

"In Illinois, the sputtering drive to come up with a state budget broke down completely Tuesday, leaving the state without any plan for paying its employees or delivering government services. The session ended without any firm plans to return or even for Gov. Pat Quinn and legislative leaders to resume negotiations."

Full Story: California Misses Deadline, May Now Have To Issue IOUs

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