A major credit rating agency has again downgraded Illinois' rating, citing the "unprecedented failure" to approve a state budget.
Fitch Ratings lowered the rating Wednesday on nearly $26 billion of general obligation bonds from BBB+ to BBB. That's a few levels above "junk" status.
Illinois already has the worst rating of any state. The lower rating means taxpayers pay more when Illinois borrows money.
Fitch noted lawmakers haven't passed a budget for two consecutive years and spending is occurring at levels "far in excess" of what the state is bringing in.
The agency says even if efforts in the Illinois Senate to pass a budget deal are successful the prolonged inaction "has fundamentally weakened the state's financial profile."
The ship is sinking and the incompetent power abusing gimmiecrats still think they know best!
Everybody knows how the State of Illinois is about
paying its bills.
If you’re on welfare and in the ‘right’ community,
you’re very happy.
If you have a small business in a socialist community,
you’re sick at your stomach.
Now all they have to do to securely nail down that coveted junk bond status, is to declare Illinois a “sanctuary state” and thereby forfeit all federal funding.
Step One: Governor, perform your constitutional duty to present a balanced (in reality, not through gimmicks) budget! Then it goes to the legislature. Step Two should not occur before Step One. We need a governor who has at least read the Illinois Constitution and acts like it.