Wisconsin’s deficit, using the tougher GAAP measure, was $2.94 billion in 2010, though the state officially posted a general fund balance of $89.6 million. That gap – call it the GAAP gap – has been growing for years.
How bad is it?
Under this measure, Wisconsin’s budget hole is second only to Illinois per capita. The state’s bond rating from Moody’s is lower than 33 states.