KEY TAKEAWAYS:

25 U.S. states cannot cover all financial obligations as of 2024 fiscal year

Unfunded pensions totaling $832 billion are the largest contributor to state debts

Top “sinkhole states” include New Jersey, Connecticut, Illinois, Massachusetts, and California

Truth in Accounting calls for full transparency in state budgets and future liabilities

Half of American states do not have enough funds to pay their bills, according to a new analysis released Thursday.

The nonprofit Truth in Accounting, which advocates for more transparency in public finance, released its Financial State of the States report . It concluded that 25 states were unable to cover all their financial obligations at the end of fiscal year 2024, which for most states ended June 30.

While every state bu

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