2012-08-31 / Top Stories

Report: NYS Debt Has Reached $300 Billion

State Budget Solutions (SBS), a nonprofit organization advocating for fundamental reform of state budgets, released its third annual state debt report revealing that New York’s total state debt is more than $300 billion. The report also showed that the nation’s total state debt presently exceeds $4.19 trillion.

SBS’s report, which takes into account all state debt and future spending obligations, found that the five states with the largest debt are California ($617 billion), New York ($300 billion), Texas ($286 billion), New Jersey ($282 billion) and Illinois ($271 billion). The states with the smallest debt were Vermont ($5.8 billion), North Dakota ($6.1 billion), South Dakota ($6.5 billion), Wyoming ($6.9 billion) and Nebraska ($7.8 billion).

“These budget numbers should serve as a wake up call for every state legislature around the country.

Our states are in trouble and no amount of budget gimmicks, political posturing or hiding bills will fix the massive debt that they face,” said Bob Williams, president of State Budget Solutions. “There is no option for status quo or incremental adjustments. Drastic reforms, innovations and political courage are needed to put New York back on the road to fiscal survival.”

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