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Unfunded and Unreported: $900 Billion in States’ Liabilities
Sheila Weinberg tells Heartland Institute some state governments have been ignoring money they owe to pretend their budgets are balanced. They do this using cash-based accounting, which the IRS allows for businesses with revenue under $5 million.

(Heartland.org) "If they don’t write a check, they don’t include it in the budget,” Weinberg says. “So they’re just not paying the bills” even though bills keep coming due. Illinois, for instance, may owe up to $8 billion on overdue bills, according to Weinberg. Government leaders there have gone years pushing bills from one year into the next year, but that just makes the next year’s obligations even bigger.  Read more.

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