Reading various articles, it is clear that Greece is in the situation simply due to the fact that they have indulged in overspending on their national budget for over a decade, and with the 2008 financial crisis this have have worsen as they have lost additional revenue.

Every US state and city is also responsible for their own budgets, and making sure that they are kept in balance -- while a handful of US cities have gone bankrupt, there have not been any news about US state getting into a crisis of the same scale as Greece has.

Is there a difference between how a national budget is run in the Euro Zone versus how a US State budget is run with respect to oversight where a US State cannot get insolvent to the same degree as Greece before the US Fed steps in?

What are the lessons from the US model which would need to be implemented in the Euro Zone to prevent another Euro Zone member to end up in a similar situation?

**EDIT**

Specifically; Are there any specific laws in the US which allows the Feds to step in before a state defaults?