NEW YORK -- It's the other U.S. debt problem.
States are scrambling to close $114 billion in budget shortfalls over the next year and a half. For now, they can borrow at curiously low rates in the bond market -- but they better hurry.
Lenders are still throwing money at the federal government despite its trillions of dollars of debt. But when it comes to states, cities and local governments deep in the red, their generosity appears to be running out.