As the US delves further into the economic meltdown that has become the great recession, we have seen several municipalities default on payments and have to make serious cutbacks. Meredith Whitney was right I guess.
But the problem is growing beyond the local level, and while states aren’t in the danger territory yet, it may not be long. Stateline has laid out the S&P credit ratings of all 50 US states, demonstrating that California and Illinois should be the most concerned.
