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

9. Connecticut

2011 budget shortfall as a percentage of general fund: 28.8 percent
2011 budget shortfall: $5.1 billion
2012 projected budget shortfall: 14.7 percent (14th largest)
GDP change (2006 – 2010): +12.8 percent (17th largest increase)
Median home value change (2006 – 2010): -3.4 percent (13th largest decline)

In the past two years, Connecticut has had a combined budget shortfall of just under $10 billion. In 2010, the state spent 27.0% more than its available funds, and in 2011 it spent 28.8% more. Connecticut was not hit as badly as some states by the recession, but home values still dropped 3.4% between 2006 and 2010. During that same period, poverty increased the third-most in the country, from 8.3% of households to 9.7% of households. In order to account for the substantial budget gaps, Connecticut cut government employee salaries, as well as funds for K-12 and higher education. The governor also made substantial budget cuts to programs aimed at preventing child abuse and providing foster care for neglected children.

(AP Photo)

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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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