From California to Connecticut the global recession has squeezed state finances forcing many state governments to slash services raise taxes or find unusually creative ways to close the gap. According to experts the widespread budget shortfalls -- expected to continue through at least 2011 -- threaten to put a drag on the nation’s economic recovery and undermine President Obama’s stimulus plan. ”The states aren’t really playing the game like Obama hoped they would ” says one Wharton finance professor.

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