Illinois Inches Closer To Junk Bond Rating

by
July 2, 2017

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As Illinois entered its third straight fiscal year without a budget as Republican Governor Bruce Rauner and Democratic lawmakers struggle to agree on how to rein in the government’s chronic deficits, pushing it closer toward becoming the first junk-rated U.S. state.

State legislators failed to enact a budget by the end of Friday, the last day of the fiscal year, though negotiations continued. Speaker Michael Madigan, a Chicago Democrat, said in a statement on Saturday the House would vote Sunday “on a revenue package that is modeled on the bill supported by the governor, and House and Senate Republicans.”

The failure marked a continuation of the unprecedented impasse that’s left Illinois without a full-year budget since mid-2015. Without a deal around July 1, S&P Global Ratings has warned that the nation’s fifth-most-populous state will likely get downgraded again, losing its investment-grade status.

After Madigan, 75, appeared briefly on the House floor, Republicans stood and chanted in objection, with one member shouting “Speaker Junk” as Madigan left the floor.

  • NM Leon

    One way or another, these union states are going to go bankrupt. They will not be able to pay the pensions they will soon owe.

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