NEW YORK (CNNMoney.com) -- The states are broke, and like many consumers, they're borrowing big time to get out of their fiscal binds.
The amount of debt that states are carrying spiked 10.3% last year to $460 billion, according to Moody's Investors Service. The debt is paid for through taxes and fees, making residents ultimately responsible.
The median personal share of this burden jumped to $936, from $865 in 2008. (To see how much the tab is in your state, click here.)
And it's likely that states will turn to the bond markets even more this year as federal stimulus money dwindles, experts said. After all, officials face an additional $12 billion shortfall for the current fiscal year and a $72 billion gap for fiscal 2012, which starts next July 1.
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