Challenges are described in terms of the impact of this on borrowing costs for cities, hospitals, schools. The Wall Street Journal article from 1/14/2011 details this worrisome trend. http://online.wsj.com/article/SB10001424052748704307404576080322679942138.html?mod=ITP_pageone_0
A CBS news video from a month ago that called State Budgets: Day of Reckoning described some of the challenges is at this link (sorry for the commercials therein, but the video is interesting as this discusses some of the broad issues). Also interesting because it included multiple state issues, including my favorite home State of Illinois featuring former Comptroller Dan Hynes - this is not an isolated problem; it is widespread. The predictions sound scary to me http://www.cbsnews.com/video/watch/?id=7166293n&tag=cbsnewsMainColumnArea.9
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