Top 10 cities Facing Default Risks. STATES that are rank among the worst in the Nati

[Jim Gamble 20]

OK, there are two from California. One in central California which is more towards the farming industry, and the other east of San Diego. surprisingly, thats it for California.

10 Cities Facing a Double Whammy of Default Risks - Yahoo! Finance

I also read that over 30 states are in or near bankruptcy.

Here are just the top 10....

Arizona

Rank: 1 (Previous Rank: 2*)

Budget gap (as a % of the total budget): 30.80%

Total gap: $3.1 billion

Gap before budget was approved: $1.9 billion

Additional midyear gap: $1.2 billion

Arizona was hit hard by the subprime crisis, and its economy has slowed sharply since mid-2006. Lawmakers, who had to make up a $2 billion budget shortfall for fiscal 2009, reduced the Medicaid rolls, put a freeze on hiring, and cut funding for community health centers and state universities.

California

Rank: 2 (Previous Rank: 1)

Budget gap (as a % of the total budget): 30.30%

Total gap: $30.6 billion

Gap before budget was approved: $22.2 billion

Additional midyear gap: $8.4 billion

The Golden State is looking a lot less golden these days as it is being forced to hold off on $3.8 billion in financing for road, prisons, school, and other projects because of the current budget shortfall. California, which has been battered by foreclosures, needs the money to pay for immediate needs, including health care and public safety. Democratic and Republican lawmakers have been unable to agree on a compromise. Governor Arnold Schwarzenegger supports new spending cuts and tax increases in addition to previously enacted cuts to the state's health insurance program for the poor and other social service programs.

Rhode Island

Rank: 3 (Previous Rank: 5)

Budget gap (as a % of the total budget): 24.50%

Total gap: $802 million

Gap before budget was approved: $430 million

Additional midyear gap: $372 million

Rhode Island's economy has been weakened by its housing market, one of the worst in the nation. Lawmakers closed a $430 million shortfall in their budget with cuts to the public college system and aid for municipalities, as well as tighter limits on welfare benefits. But it hasn't yet filled the midyear gap.

Florida

Rank: 4 (Previous Rank: 3)

Budget gap (as a % of the total budget): 21.50%

Total gap: $5.5 billion

Gap before budget was approved: $3.4 billion

Additional midyear gap: $2.1 billion

Florida's housing slump is one of the worst in the nation and only appears to be getting worse. The $66 billion Florida budget for the coming year is about $6 billion less than the one approved the previous year. It includes a $332 million reduction in public school spending and cuts to state hospitals, nursing homes, and various social programs. The Florida legislature next month will convene to decide how to plug the midyear gap.

Nevada

Rank: 5 (Previous Rank: 4)

Budget gap (as a % of the total budget): 19.60%

Total gap: $1.4 billion

Gap before budget was approved: $898 million

Additional midyear gap: $536 million

Nevada has the worst foreclosure rate in the nation, and its economy has slowed dramatically this year. The governor capped the state's children's health program and increased children's health-care premiums, and cut funding for K-12 education, higher education, and welfare. In a special session this month, lawmakers ratified bills to plug the shortfall by cutting state programs, including funding for a major road project and authorizing a line of credit from a $160 million fund for local governments.

Oh no, they goes those nice roads.

Alabama

Rank: 6 (Previous Rank: 7)

Budget gap (as a % of the total budget): 15.00%

Total gap: $1.2 billion

Gap before budget was approved: $784 million

Additional midyear gap: $458 million

Alabama closed some corporate tax loopholes and made cuts to colleges and universities.

To read more, go to :

States in Worst Budget Trouble: Nevada - BusinessWeek

Edited April 25, 2010 by Jim Gamble