That's the analysis of State Budget Solutions, a non-profit organization that advocates the application of more rigorous accounting rules (such as those used in the private sector) to more closely and accurately assessing the states' true financial condition.
The findings about Illinois so alarmed the organization that its president, Bob Williams, issued this warning:
Of course, Illinois isn't alone. The group concluded that the nation's total state debt exceeds $4 trillion.
Anyone have any ideas how to pay it off, other than borrowing more money?