The short answer is yes. Yet, while it may not be unconstitutional for the state to run up a debt, it may be impractical. Up Front spoke to state treasurer Jim McIntire, and he said any debt has to be paid back within twelve months and cannot be rolled over into the following year. Unfortunately for the deficit spending idea few people believe the state's revenues will increase enough within the next year to make up any significant deficits created this year. Of course, the constitution can be changed. In the mean time, here's the citation from the state constitution:

ARTICLE VIII, SECTION 1 STATE DEBT
(k) Notwithstanding the limitations contained in subsection (b) of this section, the state may issue certificates of indebtedness in such sum or sums as may be necessary to meet temporary deficiencies of the treasury, to preserve the best interests of the state in the conduct of the various state institutions, departments, bureaus, and agencies during each fiscal year; such certificates may be issued only to provide for appropriations already made by the legislature and such certificates must be retired and the debt discharged other than by refunding within twelve months after the date of incurrence.

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