US state problem as bad as Greece or worse?

You Can’t Put Lipstick on These PIGS:

California Budget gap (as a % of the total budget): 22% Gap: $22.2 billion

New York Budget gap (as a % of the total budget): 9.8% Gap: $5.5 billion

Florida Budget gap (as a % of the total budget): 19.9% Gap: $5.1 billion

New Jersey Budget gap (as a % of the total budget): 7.7% Gap: $2.5 billion

Arizona Budget gap (as a % of the total budget): 19.9% Gap: $2 billion

Nevada Budget gap (as a % of the total budget): 16% Gap: $1.2 billion

All data for fiscal year 2008 Source Businessweek

These gaps are large and will have to be solved in the next year. Does this involve a bail-out? This is the same problem as the EU dealing with Greece. Of course, the Federal government can reverse flows and reduce regulation to help with some of the problem; however, the real problem is that the states will place a drag on fiscal stimulus. There is counter-cyclical fiscal policy at the state level.