Illinois is being sucked into a 'negative credit spiral,' warns S&P

CNBC ^ | 01 June 2017 | John W. Schoen

[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.

[DoughtyOne]

FReepers, it's time to get serious about retiring this FReep-a-thon.


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...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%

[umgud]

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

[Dave911]

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!

[stars & stripes forever]

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.

[virgil]

Both of them need to go.

[Moonman62]

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

[lacrew]

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.

[Gay State Conservative]

Bankruptcy for Illinois? Couldn't happen to a nicer state!

[cherry]

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....