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.
And the sad part is that Illinois may be unwilling to do that, either. Detroit had to file for Chapter 9 bankruptcy, and guess what—with the pension costs now much lower thanks to the Chapter 9 financial reorganization, Detroit has actually begun its long-needed turnaround—a turnaround that will accelerate once the long-overdue Gordon “Gordie” Howe International Trade Crossing bridge opens in 2020.