A Truth in Accounting report argued state authorities should have used billions in federal aid to pay down interest on existing pension debt rather than save it for a rainy day. Experts warn this could lead to more state borrowing.
Chicago taxpayers on the hook for extra $2 billion under Lightfoot plan
Lightfoot’s budget depends on borrowing and property tax hikes.
Illinois first to rely on ‘lender of last resort’ borrowing from Federal Reserve
Illinois' credit rating is just one notch above junk, the lowest of any U.S. state.
Federal Reserve throws credit lifeline to near-junk Illinois
The Federal Reserve announced unprecedented plans to directly purchase up to $500 billion in state and local government bonds. States with poorly managed finances, such as Illinois, stand to benefit most, but long-term threats loom without structural reforms.
Bill proposes to tie Illinois state spending to what taxpayers can afford
Lawmakers routinely spend faster than taxpayers’ incomes grow. A new bill would put Illinois with the majority of states that limit taxes or spending.
Illinois banks $400M in savings from pension buyouts it can’t calculate
Illinois borrows money to reduce pension obligations, with more borrowing planned. Claims $400 million in current budget savings, but admits to investors it cannot calculate any savings.
Pritzker budget doubles down on failure
Getting behind bipartisan budget reform is the kind of bravery Illinoisans deserve from the executive branch. Instead, they’re getting more of the same.
Repeating past mistakes: Pritzker proposes borrowing, stretching out payment ramp as pension solution
Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.
Lawmakers consider borrowing $107B to pour into Illinois pensions
Record-breaking borrowing to fund Illinois' even more massive pension debt is no real solution to the state's pension problem.
Illinois borrowing $750M at near-junk credit rating
The state is borrowing millions to finance capital construction projects and information technology improvements. But Illinoisans continue to pay for the worst credit rating of any state in the nation.