In short, I think Illinois may have to consider the equivalent of a Chapter 9 bankruptcy to get itself back to solvency again. Which is too bad because Illinois has a lot to recommend for it, especially being the largest transportation hub in the USA.
Like most states and entities Illinois is hoping for a federal bailout. The state as has been on a crash course to Chapter 9 for decades. Once their bond rating is regulated as junk and they no longer can obtain loans then it will file. Illinois will not change their spending or reduce the size of government until it is forced by a Judge.