While “rainy day” funds that accumulate in boom years are used to deal with temporary revenue shortfalls, the states’ “general obligation” borrowing is limited to capital projects like roads and schools. Even a state like California, seen by many as a poster child for fiscal profligacy, now has an annual budget deficit of just 1% of its GDP and a general obligation debt of just 4% of GDP.
第三个重要区别是美国各州的宪法都规定要平衡每年的预算。在年景好的时候设立“纾困基金”以备衰退的同时，各州的“一般责任（general obligation）”借贷仅限于修建公路或者学校项目。即便是加利福尼亚这样看似挥霍无度的州，其当前年度预算赤字只是GDP的1%，一般责任债务也仅相当于GDP的4%。