LAS VEGAS -- As Nevada’s budget crisis spurs calls for a special session, a new report said the state shares many of the economic pitfalls that have crushed California’s economy, namely high foreclosure and unemployment rates coupled with dwindling tax revenues.

The study, Beyond California: States In Peril, was released Wednesday by the Pew Center on the States. Nevada is one of nine states that ranked “most like California” when comparing economic and political factors.

Related Link: Read The Pew Center Study

“Nevada is a state built on easy money,” University of Nevada political scientist Eric Herzik is quoted in the report. “There isn’t any easy money right now.”

Although visitor numbers improved slightly in September, the decline in gaming revenues, which fell for a 22nd straight month, is costing the state valuable taxes.

The report blames Nevada’s current tax laws, which require changes to the state constitution, as part of the reason it cannot right itself financially. Changing the constitution would require approval by legislators and voters, a process that can take five years and one the report calls “nearly impossible.”

Researchers also blame the tension between Gov. Jim Gibbons and the Democratic-controlled state Legislature as a major obstacle. Gibbons famously accused legislators of a “conspiracy” to raise taxes over the summer, after they overrode his veto of a $781 million tax plan.

Survey: Can Tax Increases Save Nevada?

The tax increases are set to expire in 2011, at which time a new plan will be needed to combat the budget crisis.

While some believe a special session of the Legislature will be needed before that time, Gibbons has said he wants to wait until he sees a full quarter of revenue reports, which may not be until the end of the month at the earliest.