Budgets Look Tough at the State, Local Level

The Huffington Post has the story on state and local budgets -- it's a tough picture.

The future looks bleak for state and local government budgets.

Even as states struggle to cut services, many could soon be in the position of New Jersey, California and Illinois, facing billion-dollar deficits that, unlike the Federal deficit, must be filled. And there's no easy way to repair the budget: When local governments' problems worsen, it becomes more expensive to borrow money. New Jersey governor Chris Christie, who has ruthlessly slashed funding for state programs, might soon see other states following his lead, 60 Minutes reports.