U.S. states' total debt drops slightly

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WASHINGTON, Aug. 28 (UPI) -- Americans' collective state government debt is down slightly this year, a non-partisan group said Tuesday.

State Budget Solutions said its third annual report showed the aggregate debt piled up by all 50 states amounts to $4.19 trillion. That's down from $4.24 trillion a year ago.

The organization attributed the drop to reductions in unemployment trust fund loans and fiscal year budget gap totals.

California is at the top of the list with $617 billion in debt -- more than twice that of New York, which has the second-largest total debt burden in the nation. Texas, New Jersey and Illinois round out the Top 5 states, the organization said.

Those five states also comprised the Top 5 last year, though the order is juggled a bit.

Vermont has the least amount of debt of any state at $5.8 billion. North Dakota, South Dakota, Wyoming and Nebraska follow at the bottom of the list.

The 50-state total includes states' regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post-employment benefit liabilities and the state's unfunded pension liabilities.