The tag is for the 2nd most financially distressed state in the US, can you guess the first?

Florida is now the 2nd most financially distressed state in the US — topped only by Texas, Google helps reveal

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swirlie · 31-35

What are you referring to when you say "financial distressed" when referring to Florida? I know what financially distressed means, but in what way is Florida financially distressed and how did it get that way?