You can find the George Mason study here.
Perhaps the most important phrase in the summary: "The state is heavily reliant on debt to finance its spending."
The study ranks each state's fiscal condition based on five key areas: cash solvency, budget solvency, long-run solvency, service-level solvency and trust fun solvency. Connecticut ranked at the U.S. average in only service-level solvency, which measures how high taxes, revenues and spending are when compared to state personal income. In the other four categories, the state ranked below average — and in the case of long-run solvency, which measures whether a state has a "hedge against large, long-term liabilities" — Connecticut ranks as nearly an outlier.
It is interesting to note that other Northeast states also did not fare well in the study. Massachusetts ranked just above Connecticut at 49th; New Jersey ranked 48th, Maine 43rd, and New York 42nd. The highest-ranked Northeast state is New Hampshire, at No. 20.
Alaska ranked 1st, followed in order in the Top 10 by Nebraska, Wyoming, North Dakota, South Dakota, Florida, Utah, Oaklahoma, Tennessee and Montana.