State and municipal budgets: The day of reckoning

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By now, just about everyone is aware of the U.S. federal deficit problem, but there is another financial crisis looming involving state and local governments. This is the focus of a CBS 60 Minutes report.

“The most alarming thing about the state issue is the level of complacency,” Meredith Whitney, respected Wall Street analyst, told CBS’s Steve Kroft. “It has tentacles as wide as anything I’ve seen. I think next to housing this is the single most important issue in the United States, and certainly the largest threat to the U.S. economy.”

Part 1:

Steve Kroft reports on the precarious financial conditions many states are facing and what they’re doing about it.

Source: 60 minutes, December 19, 2010.

Part 2:

The day of reckoning is at hand. Steve Kroft tells us what we need to know about the looming financial crisis that almost no one is talking about.

Source: 60 minutes, December 19, 2010.

Part 3:

New Jersey Governor Chris Christie explains to Steve Kroft how and why states –  including his own – have ended up with such severe financial problems.

Source: 60 minutes, December 19, 2010.

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