NEW: RI's #1, But Not in a Good Way

NEW: RI's #1, But Not in a Good Way

Rhode Island is in the deepest debt of any state in the union according to a recent study conducted by The Daily Beast. The study measured each state’s debt-to-Gross Domestic Product ratio for 2009 and then factored in unfunded pension obligations as well as unfunded health care obligations for retirees.

According to the study, the Ocean State’s GDP was $47.8 billion in 2009 and the debt/GDP ratio was 19.19 percent. The state has an unfunded pension liability of $4.4 billion and unfunded health care obligations totaling $788 million.

Also among the highest indebted states were New England neighbors Connecticut and Massachusetts, which ranked second and third respectively. Rounding out the bottom five were Illinois and Hawaii. States in the best financial shape are Texas, Georgia and Nebraska.

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Earlier in the week, there were reports that some DC Republicans, including Senate leader Mitch McConnell, were looking into a plan that would allow states to file for bankruptcy. But House Majority Leader Eric Cantor rejected the idea, saying he believes state should find other ways to solve budget problems. The S&P Ratings Service has also said it was unlikely any state would file for bankruptcy.