If only that were true. Ever heard of 'unfunded liabilities'? Screw it up now and retire before the reckoning - that's the politicians' motto.
Yes, but the key difference is that the Feds can print money to dig their way out of that. States can't, and sooner or later, a real-world bill comes due.
Also, those unfunded liability are for payments required in future years. Year to year (more or less), they have to balance. The feds don't, again because of their ability to sell more Treasury securities and print money.