At least in California the state isn’t allowed to borrow for operating expenses. And there are limits on capital bonds. We won’t go broke in the traditional sen

At least in California the state isn’t allowed to borrow for operating expenses. And there are limits on capital bonds. We won’t go broke in the traditional sense. There are however unfunded pension liabilities. If that goes broke, we can hope that government workers finally get moved over to a 401(k) type system (I write this as an ex-government worker.)