Moody’s warns that some 30 percent of state revenue in the year beginning July 1 will go toward debt payments, pensions and other fixed costs. “Part of the problem is that state officials always face the temptation of making the ultimate reckoning worse by pushing costs to the future, and they’ve used that approach many times in the past,” Moody’s says. “The substance of the package largely represents an extension of the status quo,” echoes Standard & Poor’s. So much for a game-changing reform agenda. Read more…..