60 Minutes on the upcoming states' financial crisis

Could the financial collapse of states such as California, New Jersey, and Illinois push us into another recession? 60 Minutes explored the looming crisis last night.

New Jersey Governor Chris Christie explains how it got so bad.



Then there is my state:

This is the state of affairs in Illinois. Is not pretty," Illinois state Comptroller Dan Hynes told Kroft.

Hynes is the state's paymaster. He currently has about $5 billion in outstanding bills in his office and not enough money in the state's coffers to pay them. He says they're six months behind.

"How many people do you have clamoring for money?" Kroft asked.

"It's fair to say that there are tens of thousands if not hundreds of thousands of people waiting to be paid by the state," Hynes said.

Click here for the full report from 60 Minutes.

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