Cap spending now: Illinois taxpayers need a responsible budget this year

By Adam Schuster

05/04/2018

Lawmakers should voluntarily adopt a spending cap to give taxpayers the certainty they deserve.

TAGS: balanced budget requirement, bonds, budget, COGFA, credit rating, Illinois General Assembly, Paul Simon Public Policy Institute, Spending, spending cap, taxes

Illinois bonds once again rated just above junk

By Adam Schuster

04/10/2018

One rating agency cited Illinois’ “persistent crisis-like budget environment” as explanation for the state’s near-junk credit. A spending cap constitutional amendment and pension reform could go a long way toward putting the state on a healthier fiscal path.

TAGS: bonds, credit rating, Moody's Investor Service

Lawmakers consider borrowing $107B to pour into Illinois pensions

By Joe Tabor

01/31/2018

Record-breaking borrowing to fund Illinois' even more massive pension debt is no real solution to the state's pension problem.

TAGS: bonds, borrowing, credit rating, general obligation bonds, pensions

Illinois borrows $1.5B as S&P confirms rating is one notch above junk

By Ted Dabrowski, John Klingner

10/11/2017

S&P Global Ratings has warned that Illinois’ bond sale to help pay old bills could merely add more debt to Illinois’ burden if the state does not also enact fiscal reforms.

TAGS: bonds, credit rating, Standard & Poor's

Rauner issues amendatory veto of banker bailout bill

By Mindy Ruckman

08/29/2017

House Bill 3004 would have put banks and bondholders ahead of taxpayers and those who rely on government services. But Gov. Bruce Rauner’s amendatory veto strips the bill of those bailout provisions.

TAGS: bonds, Bruce Rauner, CTA: Chicago Transit Authority, debt, Illinois General Assembly, RTA: Regional Transportation Authority

Fitch keeps Illinois’ credit above junk but negative outlook remains

By John Klingner, Evelyn Hussey

07/20/2017

Of the three major ratings agencies, only Moody’s Investors Service has indicated that Illinois lawmakers’ lack of long-term solutions for reducing that debt is a severe problem.

TAGS: bonds, budget, credit rating, debt, Fitch Ratings, Moody's Investor Service, Standard & Poor's

Emanuel shrugs at possible credit downgrade for Chicago

By Robert Brutvan

07/14/2017

Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

TAGS: bonds, Chicago, CPS: Chicago Public Schools, credit rating, downgrade, Moody's Investor Service, Rahm Emanuel

Moody’s right, S&P wrong on Illinois budget

By Ted Dabrowski, John Klingner

07/13/2017

Illinois’ bond rating may not be junk, but the state’s finances still are.

TAGS: bonds, credit rating, Moody's Investor Service, Standard & Poor's

CPS borrows another $500M at sky-high interest rates

By Robert Brutvan

07/12/2017

Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.

TAGS: bonds

$70,000 a day in interest — the cost for Chicago Public Schools to borrow $387M

By Marianna Schmiesing

06/27/2017

In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.

TAGS: bonds, Forrest Claypool, interest, Moody's Investor Service, Rahm Emanuel