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Illinois is being sucked into a 'negative credit spiral,' warns S&P
CNBC ^ | 01 June 2017 | John W. Schoen

Posted on 06/02/2017 4:10:08 PM PDT by Lorianne

The State of Illinois faces a "negative credit spiral" that will plunge its bonds into junk status unless lawmakers can end three years of political squabbling and pass a budget soon, S&P Global Ratings warned Thursday.

The credit agency, citing "unrelenting political brinksmanship," dropped the state's rating by one notch — to Triple B minus — a day after the state legislature ended its spring session without an agreement on spending for the fiscal year that begins July 1.

Illinois was already the lowest-rated state.

Partisan squabbling intensified Wednesday as Democrats and Republicans blamed each other for an impasse that threatens to send the state into its third consecutive fiscal year without a complete budget.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; US: Illinois
KEYWORDS:

1 posted on 06/02/2017 4:10:09 PM PDT by Lorianne
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FReepers, it's time to get serious about retiring this FReep-a-thon.


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FReepers, 67.88% of the Second Quarter FReep-a-thon goal has been met.  Click above and pencil in your donation now.  Please folks, lets end this FReepathon.  Thank you!

...this is a general all-purpose message, and should not be seen as targeting any individual I am responding to...

Just $104.00 to 68.00%

2 posted on 06/02/2017 4:19:05 PM PDT by DoughtyOne (May the Covfefe be with you...)
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To: Lorianne

Bond holders and taxpayers fixin to get it in the shorts.


3 posted on 06/02/2017 4:27:41 PM PDT by umgud
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To: Lorianne

Madigan the Dem speaker for the last 30+ years is the problem. The f***ing moron will take our whole state down just to show he’s boss. It’s insane and he and Cullerton the Dem senate pres are killing our state, literally!


4 posted on 06/02/2017 4:45:24 PM PDT by Dave911
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To: Lorianne

Look at all of the DEBASED LAWS that were signed into law the past three years in ILLINOIS. It is a cursed state. GOD will not be mocked.


5 posted on 06/02/2017 4:52:32 PM PDT by stars & stripes forever (Blessed is the nation whose God is the Lord. Psalm 33:12)
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To: Dave911

Both of them need to go.


6 posted on 06/02/2017 5:38:06 PM PDT by virgil (The evil that men do lives after them.)
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To: Lorianne

Raise taxes and allow male perverts to use the ladies room. It’s the Democrat solution to everything.


7 posted on 06/02/2017 5:52:29 PM PDT by Moonman62 (Make America Great Again!)
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To: Lorianne

I occassionally glance at a publication that lists new highway projects. During the Kentan era, ALOT of federal money went to Illinois. I presume that will subside now.


8 posted on 06/02/2017 6:13:00 PM PDT by lacrew
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To: Lorianne
Bankruptcy for Illinois? Couldn't happen to a nicer state!
9 posted on 06/02/2017 6:38:24 PM PDT by Gay State Conservative (Deplorables' Lives Matter)
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To: Gay State Conservative
what will really happen to Chicago?...nothing...if they declare bankruptcy its the bondholders who will suffer...

the govt class will still profit.....

and even if their rating goes into the honeybucket, they'll still pass ridiculous budgets and raise more taxes off the real workers...

the ones responsible will not suffer one bit....

10 posted on 06/02/2017 6:43:23 PM PDT by cherry
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