(The Center Square) – Half of U.S. states don’t have enough money to cover their bills, according to a new report published by the nonprofit Chicago-based Truth in Accounting.

At the end of fiscal 2024, 25 states were unable to cover all their financial obligations, according to TIA’s 16 th annual Financial State of the States report , which analyzes states’ financial health.

Half of U.S. states are carrying significant debt burdens, “driven by rising costs, inflation, and ongoing pressure on budgets to fund promised pension benefits. With COVID-related federal funding winding down, states may face more difficulty managing budget pressures without additional financial support,” it says.

Assets for all 50 states totaled $2.2 trillion; total debt was $2.9 trillion in fiscal 20

See Full Page