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It's the spending, stupid.
From a special analysis by USA Today titled "Bad Moves, Not Economy, Behind Busted State Budgets," published June 23, 2003:
The financial problems racking many state governments this year have less to do with the weak national economy than with the ability of governors and legislators to manage money wisely.
That is the key finding of a USA Today analysis of how the 50 states spend, tax, and balance their budgets--or don't.
The National Governors Association says states are suffering their worst economic crisis since World War II. But for many states, the analysis shows, the fault is largely their own.
Some states that have enjoyed handsome growth in tax revenue nonetheless have huge budget shortfalls. At the other extreme, some of the best-managed states suffered sharp declines in tax collections but promptly took painful steps to balance their books.... The key to their success: restraint....
California, the worst-performing state in the analysis, did the opposite. It approved huge spending increases.... When the economy soured, the state began borrowing money and using accounting gimmicks to avoid its day of reckoning. Today, it continues to spend $1 billion a month more than it takes in.... Many states have raised college tuition, cigarette taxes, and other narrowly targeted fees. Six states have increased sales and income tax rates, and several more may do so this week.
But one thing has remained ...
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Source: HighBeam Research, It's the spending, stupid.