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24/7 Wall St: 10 States That Can't Pay Their Bills

2. Illinois

2011 budget shortfall as a percentage of general fund: 40.2 percent
2011 budget shortfall: $13.5 billion
2012 projected budget shortfall: 16.0 percent(11th largest)
GDP change (2006 – 2010): +8.2 percent (13th smallest increase)
Median home value change (2006 – 2010): -4.2 percent (11th largest decline)

Illinois has consistently had among the largest budget shortfalls in the country since 2009. It also was hit extremely hard by the recession. Between 2006 and 2010, home values decreased by 4.2 percent. GDP grew a relatively small 8.2 percent. Median household income increased less than 2 percent. The state made cuts in its budget for community mental health services for both children and adults, and it cut its school education funding by 4 percent, or $311 million. Governor Pat Quinn has announced also that he will lay off thousands of state employees.

(AP Photo)

More From 24/7 Wall St.:
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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