no state has defaulted in history so credit rating agencies don't expect eefaulta.. looks quite bad stimulus money kept problem from being nearly as bad .. states gotten lot of federa lmoney next year revenues still down.. continyue for a number o fyears.. and those downturns.. long term proble states not dealt with underlying problems... structural adjustments to budgets if difficult to borrow: other solution drastic cuts or large tax increases very painful getting there optimistic they wou'dn't play major role in reducing recovery slowing it many states have settled on budget.. don't have long term plan.. some states.. governor fix prblem.. revenues still far short i think prospects for a state default.. relatively high.. if that happens.. credit rating agencies.. stand up and take notice quickly.. deficintly possible in the next year.. businesses hate fiscal uncertainty hard to plan.. if know tax rate.. can around that.. hiring decisions.. ivnestment decisions sound bases.. uncertainty businesses reluctant to hire. invest.. rather locate in an area.. where feel st