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Economy
Introduction
State debt in the United States is a complex and multifaceted issue that reflects the financial challenges and responsibilities faced by individual states. State governments rely on borrowing to finance a variety of initiatives, such as infrastructure development, education, healthcare, and public services. While some level of debt is considered normal and necessary for states to function effectively, the magnitude of state debt has become a growing concern in recent years.
The total state debt in the US has been steadily increasing, driven by factors such as population growth, rising costs of services, and economic fluctuations. States often issue bonds to raise capital, and these bonds are typically repaid over a specific period, with interest. The debt burden can vary significantly from state to state, influenced by factors such as population size, economic strength, tax policies, and spending priorities.
Excessive state debt can have several implications for the affected states. High debt levels can strain state budgets, leading to cuts in public services or increased taxes to meet debt obligations. Moreover, states with higher levels of debt may face challenges in attracting investment and maintaining a favorable credit rating, which can have long-term consequences for their economic growth and ability to borrow at reasonable interest rates.
State Debt Ranking
| # | State | State Debt |
|---|---|---|
| 1 | California | 520 billion |
| 2 | New York | 368 billion |
| 3 | Texas | 324 billion |
| 4 | Illinois | 159 billion |
| 5 | Florida | 131 billion |
| 6 | Pennsylvania | 128 billion |
| 7 | Massachusetts | 98 billion |
| 8 | Ohio | 93 billion |
| 9 | New Jersey | 91 billion |
| 10 | Washington | 90 billion |
| 11 | Michigan | 82 billion |
| 12 | Virginia | 70 billion |
| 13 | Colorado | 67 billion |
| 14 | Georgia | 63 billion |
| 15 | Maryland | 59 billion |
| 16 | Minnesota | 59 billion |
| 17 | Kentucky | 53 billion |
| 18 | Connecticut | 53 billion |
| 19 | Indiana | 52 billion |
| 20 | Tennessee | 50 billion |
| 21 | Wisconsin | 49 billion |
| 22 | Missouri | 48 billion |
| 23 | North Carolina | 48 billion |
| 24 | Arizona | 44 billion |
| 25 | Oregon | 42 billion |
| 26 | South Carolina | 38 billion |
| 27 | Alabama | 35 billion |
| 28 | Louisiana | 31 billion |
| 29 | Nevada | 29 billion |
| 30 | Kansas | 28 billion |
| 31 | Utah | 22 billion |
| 32 | Iowa | 21 billion |
| 33 | Arkansas | 20 billion |
| 34 | District of Columbia | 20 billion |
| 35 | Oklahoma | 19 billion |
| 36 | Hawaii | 17 billion |
| 37 | New Mexico | 16 billion |
| 38 | Nebraska | 16 billion |
| 39 | West Virginia | 15 billion |
| 40 | Mississippi | 15 billion |
| 41 | Rhode Island | 12 billion |
| 42 | New Hampshire | 10 billion |
| 43 | North Dakota | 10 billion |
| 44 | Alaska | 9 billion |
| 45 | Maine | 9 billion |
| 46 | Delaware | 8 billion |
| 47 | South Dakota | 7 billion |
| 48 | Idaho | 6 billion |
| 49 | Montana | 6 billion |
| 50 | Vermont | 5 billion |
| 51 | Wyoming | 2 billion |
States With Most Debt
The ten states with the most debt in the US are California, New York, Texas, Illinois, Florida, Pennsylvania, Massachusetts, Ohio, New Jersey, and Washington. California ranks first for states with the most debt, with a debt of $520 billion, followed by New York in second place with $368 billion. Texas comes in third place for states with the most debt, with a debt of $324 billion, while Illinois ranks fourth with $159 billion. Florida holds the fifth spot with $131 billion in debt, and Pennsylvania follows closely behind in sixth place with $128 billion. Massachusetts ranks seventh state with the most debt, with a debt of $98 billion, with Ohio in eighth place at $93 billion. New Jersey secures the ninth position with $91 billion in debt, and Washington rounds out the top ten with a debt of $90 billion.
The ten states with the largest debt are :
1. California – 520 billion
2. New York – 368 billion
3. Texas – 324 billion
4. Illinois – 159 billion
5. Florida – 131 billion
6. Pennsylvania – 128 billion
7. Massachusetts – 98 billion
8. Ohio – 93 billion
9. New Jersey – 91 billion
10. Washington – 90 billion
States With the Least Debt
Among the states with the least debt are Wyoming, Vermont, Idaho, Montana, South Dakota, Delaware, Alaska, Maine, New Hampshire, and North Dakota. Wyoming claims the top spot with the lowest debt, standing at $2 billion. Vermont follows closely with $5 billion in debt, while Idaho and Montana share the third position with debts of $6 billion each. South Dakota ranks fifth state with the least debt, with a debt of $7 billion, followed by Delaware with $8 billion. Alaska and Maine both have debts of $9 billion, while New Hampshire and North Dakota complete the list of states with the least debt, each with debts of $10 billion.
The ten states with the lowest debt are :
1. Wyoming – 2 billion
2. Vermont – 5 billion
3. Idaho – 6 billion
4. Montana – 6 billion
5. South Dakota – 7 billion
6. Delaware – 8 billion
7. Alaska – 9 billion
8. Maine – 9 billion
9. New Hampshire – 10 billion
10. North Dakota – 10 billion
Debt Per State
Alabama
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35 billion
Ranked in the US
#27
Alabama holds the 27th spot with a debt of $35 billion. The state's debt reflects investments in education, healthcare, transportation, and public services.
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Alaska
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9 billion
Ranked in the US
#44
With a debt of $9 billion, Alaska ranks 44th in state debt rankings. The state's debt primarily stems from investments in infrastructure, energy, education, and public services.
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Arizona
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44 billion
Ranked in the US
#24
Arizona carries a debt of $44 billion, placing it 24th in state debt rankings. The state's debt burden reflects investments in education, healthcare, transportation, and public services.
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Arkansas
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20 billion
Ranked in the US
#33
Arkansas carries a debt of $20 billion, placing it 33rd in terms of state debt. The state's debt primarily results from investments in education, healthcare, transportation, and public safety.
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California
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520 billion
Ranked in the US
#1
California claims the top spot with a staggering $520 billion in debt. The state's large population, extensive infrastructure, and robust economy contribute to its high debt burden. Furthermore, California faces challenges such as pension obligations and the cost of providing essential public services.
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Colorado
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67 billion
Ranked in the US
#13
Ranking 13th, Colorado carries a debt of $67 billion. The state's debt is attributed to investments in education, transportation infrastructure, and public services.
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Connecticut
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53 billion
Ranked in the US
#18
Connecticut holds the 18th position with a debt of $53 billion. The state faces challenges such as pension liabilities, education expenses, and infrastructure needs.
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Delaware
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8 billion
Ranked in the US
#46
Delaware ranks 46th with a debt of $8 billion. The state faces expenses related to education, healthcare, transportation, and public services.
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District of Columbia
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20 billion
Ranked in the US
#34
The District of Columbia, as the capital of the United States, holds the 34th position with a debt of $20 billion. The district faces expenses related to public services, infrastructure, education, and governance.
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Florida
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131 billion
Ranked in the US
#5
Florida claims the fifth spot with a debt of $131 billion. While the state benefits from tourism and a relatively low tax burden, some argue that it must allocate funds to support its growing population, improve infrastructure, and prepare for natural disasters.
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Georgia
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63 billion
Ranked in the US
#14
With a debt of $63 billion, Georgia ranks 14th in state debt. The state faces expenses related to education, healthcare, transportation, and public safety.
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Hawaii
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17 billion
Ranked in the US
#36
With a debt of $17 billion, Hawaii ranks 36th in state debt rankings. The state faces expenses related to education, healthcare, infrastructure, and tourism.
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Idaho
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6 billion
Ranked in the US
#48
Idaho holds the 48th spot with a debt of $6 billion. The state's debt reflects investments in education, healthcare, infrastructure, and natural resource management.
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Illinois
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159 billion
Ranked in the US
#4
Illinois ranks fourth on the list with a debt of $159 billion. The state's persistent fiscal challenges, including pension liabilities and budgetary deficits, have contributed to its significant debt burden.
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Indiana
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52 billion
Ranked in the US
#19
Ranking 19th, Indiana carries a debt of $52 billion. The state's debt primarily results from investments in education, transportation infrastructure, and public services.
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Iowa
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21 billion
Ranked in the US
#32
With a debt of $21 billion, Iowa holds the 32nd spot in state debt rankings. The state faces expenses related to education, healthcare, infrastructure, and agriculture.
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Kansas
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28 billion
Ranked in the US
#30
Kansas holds the 30th position with a debt of $28 billion. The state's debt reflects investments in education, healthcare, transportation, and public services.
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Kentucky
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53 billion
Ranked in the US
#17
With a debt of $53 billion, Kentucky ranks 17th in terms of state debt. The state's debt burden reflects investments in education, healthcare, and infrastructure.
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Louisiana
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31 billion
Ranked in the US
#28
Ranking 28th, Louisiana carries a debt of $31 billion. The state faces expenses related to education, healthcare, infrastructure, and disaster preparedness.
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Maine
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9 billion
Ranked in the US
#45
Maine holds the 45th spot with a debt of $9 billion. The state's debt reflects investments in education, healthcare, infrastructure, and tourism.
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Maryland
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59 billion
Ranked in the US
#15
Maryland holds the 15th spot with a debt of $59 billion. The state's debt burden reflects investments in education, healthcare, infrastructure, and public services.
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Massachusetts
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98 billion
Ranked in the US
#7
Massachusetts holds the seventh position with a debt of $98 billion. The state's debt burden reflects investments in education, healthcare, research and development, and technology.
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Michigan
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82 billion
Ranked in the US
#11
With a debt of $82 billion, Michigan ranks 11th in terms of state debt. The state's debt burden primarily stems from investments in infrastructure, education, healthcare, and economic revitalization.
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Minnesota
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59 billion
Ranked in the US
#16
Ranking 16th, Minnesota carries a debt of $59 billion. The state's debt primarily results from investments in education, healthcare, transportation, and public safety.
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Mississippi
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15 billion
Ranked in the US
#40
Mississippi holds the 40th position with a debt of $15 billion. The state's debt reflects investments in education, healthcare, infrastructure, and agriculture.
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Missouri
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Ranked in the US
#22
With a debt of $48 billion, Missouri ranks 22nd in terms of state debt. The state faces expenses related to education, healthcare, transportation, and social services.
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Montana
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6 billion
Ranked in the US
#49
Montana ranks 49th, carrying a debt of $6 billion. The state faces expenses related to education, healthcare, infrastructure, and environmental conservation.
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Nebraska
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16 billion
Ranked in the US
#38
Ranking 38th, Nebraska carries a debt of $16 billion. The state faces expenses related to education, healthcare, infrastructure, and agriculture.
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Nevada
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29 billion
Ranked in the US
#29
With a debt of $29 billion, Nevada ranks 29th in state debt. The state's debt burden primarily results from investments in education, healthcare, infrastructure, and tourism-related initiatives.
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New Hampshire
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10 billion
Ranked in the US
#42
New Hampshire carries a debt of $10 billion, placing it 42nd in terms of state debt. The state's debt burden primarily results from investments in education, healthcare, infrastructure, and tourism.
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New Jersey
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91 billion
Ranked in the US
#9
New Jersey holds the ninth spot with a debt of $91 billion. The state faces challenges such as pension obligations, education costs, and infrastructure needs.
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New Mexico
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16 billion
Ranked in the US
#37
New Mexico holds the 37th spot with a debt of $16 billion. The state's debt primarily results from investments in education, healthcare, transportation, and energy development.
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New York
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368 billion
Ranked in the US
#2
Coming in second place, New York carries a substantial debt load of $368 billion. With a diverse and dynamic economy centered around New York City, the state grapples with significant expenditures in areas like healthcare, education, and transportation.
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North Carolina
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48 billion
Ranked in the US
#23
North Carolina holds the 23rd position with a debt of $48 billion. The state's debt primarily results from investments in education, infrastructure, healthcare, and public safety.
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North Dakota
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10 billion
Ranked in the US
#43
Ranking 43rd, North Dakota has a debt of $10 billion. The state faces expenses related to education, healthcare, infrastructure, and energy development.
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Ohio
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93 billion
Ranked in the US
#8
Ohio ranks eighth with a debt of $93 billion. The state faces expenses related to education, healthcare, infrastructure maintenance, and social services.
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Oklahoma
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19 billion
Ranked in the US
#35
Oklahoma ranks 35th with a debt of $19 billion. The state's debt burden reflects investments in education, healthcare, infrastructure, and energy.
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Oregon
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42 billion
Ranked in the US
#25
Ranking 25th, Oregon has a debt of $42 billion. The state faces expenses related to education, healthcare, infrastructure, and environmental initiatives.
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Pennsylvania
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128 billion
Ranked in the US
#6
With a debt of $128 billion, Pennsylvania ranks sixth in state debt. The state's debt primarily results from investments in education, healthcare, transportation, and public services.
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Rhode Island
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12 billion
Ranked in the US
#41
Rhode Island ranks 41st with a debt of $12 billion. The state faces expenses related to education, healthcare, infrastructure, and tourism.
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South Carolina
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38 billion
Ranked in the US
#26
With a debt of $38 billion, South Carolina ranks 26th in terms of state debt. The state's debt burden primarily stems from investments in education, healthcare, infrastructure, and public safety.
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South Dakota
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7 billion
Ranked in the US
#47
With a debt of $7 billion, South Dakota carries the 47th position in terms of state debt. The state's debt burden primarily results from investments in education, healthcare, infrastructure, and agriculture.
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Tennessee
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50 billion
Ranked in the US
#20
Tennessee holds the 20th spot with a debt of $50 billion. The state faces expenses related to education, healthcare, transportation, and public safety.
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Texas
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324 billion
Ranked in the US
#3
Texas secures the third position, owing $324 billion in debt. As one of the largest states in terms of population and land area, Texas faces the challenge of balancing infrastructure demands, education expenses, and other public services.
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Utah
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22 billion
Ranked in the US
#31
Utah ranks 31st with a debt of $22 billion. The state's debt burden primarily stems from investments in education, transportation, infrastructure, and public services.
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Vermont
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5 billion
Ranked in the US
#50
With a debt of $5 billion, Vermont ranks 50th in state debt rankings. The state's debt burden primarily stems from investments in education, healthcare, infrastructure, and renewable energy.
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Virginia
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70 billion
Ranked in the US
#12
Virginia holds the 12th position with a debt of $70 billion. The state's debt reflects investments in education, transportation, and public services.
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Washington
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90 billion
Ranked in the US
#10
Washington state completes the top ten with a debt of $90 billion. Investments in education, transportation, and environmental initiatives contribute to the state's debt burden.
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West Virginia
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15 billion
Ranked in the US
#39
With a debt of $15 billion, West Virginia ranks 39th in terms of state debt. The state's debt burden primarily stems from investments in education, healthcare, infrastructure, and energy.
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Wisconsin
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49 billion
Ranked in the US
#21
Wisconsin ranks 21st with a debt of $49 billion. The state's debt burden reflects investments in education, healthcare, infrastructure, and public services.
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Wyoming
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2 billion
Ranked in the US
#51
Wyoming holds the 51st and final position with a debt of $2 billion. The state faces expenses related to education, healthcare, infrastructure, and natural resource development.
State Debt
FAQs
What is the national debt ?
The current national debt is at around $32 trillion.
Which states have the most debt ?
The ten states that have the most debt in the US are California, New York, Texas, Illinois, Florida, Pennsylvania, Massachusetts, Ohio, New Jersey, and Washington.
What is the debt ceiling ?
The debt ceiling, also known as the debt limit, is a legislative limit set by Congress on the amount of debt that the United States government can accumulate. It represents the maximum level of outstanding debt that the government can legally incur to meet its financial obligations. The debt ceiling is typically set as a specific dollar amount and serves as a mechanism to control government borrowing and expenditures.
When the government reaches the debt ceiling, it means that it has reached its authorized borrowing limit. At this point, the Treasury Department must take measures to avoid defaulting on its financial obligations, such as suspending certain government expenditures or employing accounting maneuvers to create additional borrowing capacity.
In order to increase or suspend the debt ceiling, Congress must pass legislation to authorize a higher borrowing limit. This process can be politically contentious and has historically led to debates and negotiations between lawmakers from different parties and ideological positions.
