Biggest State Budget Shortfalls

Banks and big companies aren’t the only ones feeling the financial pinch. Entire states are experiencing major shortfalls, too.

Big drops in tax revenue produce challenges for governments to fund essential services such as education, police and fire departments. Before Washington is done coming up with the cash to support corporate bailouts, state officials are likely to be coming to town, looking for help of their own.

According to BusinessWeek, 31 money-strapped states may be experiencing up to $53.4 billion in deficits, based on data compiled by the Center on Budget and Policy Priorities. Here are the top 10, and how bad the balance sheet is looking:

– California: -$22.2 billion

– Arizona: -$2 billion

– Florida: -$5.1 billion

– Nevada: -$1.2 billion

– Rhode Island: -$430 million

– New York: -$5.5 billion

– Alabama: $784 million

– Georgia: -$1.8 billion

– New Jersey: $2.5 billion

– Maryland: $1.1 billion

Read more about these, and see the whole list, at BusinessWeek.