Report: More Illinois debt likely following misuse of federal aid money

By Patrick Andriesen

08/23/2022

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.

TAGS: borrowing, credit rating, debt, Truth in Accounting

Chicago taxpayers on the hook for extra $2 billion under Lightfoot plan

11/21/2020

Lightfoot’s budget depends on borrowing and property tax hikes.

TAGS: borrowing, Chicago, debt, Lori Lightfoot, property taxes

Illinois first to rely on ‘lender of last resort’ borrowing from Federal Reserve

By Adam Schuster

06/19/2020

Illinois' credit rating is just one notch above junk, the lowest of any U.S. state.

TAGS: borrowing, credit, Federal Reserve, JB Pritzker, Municipal Lending Facility

Federal Reserve throws credit lifeline to near-junk Illinois

By Adam Schuster

04/16/2020

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.

TAGS: bonds, borrowing, coronavirus, COVID-19, credit rating, Federal Reserve, rainy day fund

Bill proposes to tie Illinois state spending to what taxpayers can afford

03/06/2020

Lawmakers routinely spend faster than taxpayers’ incomes grow. A new bill would put Illinois with the majority of states that limit taxes or spending.

TAGS: borrowing, budget, constitutional amendment, deficit, government spending, pensions, spending cap, tax increase

Illinois banks $400M in savings from pension buyouts it can’t calculate

By Bill Reveille

04/11/2019

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.

TAGS: Accelerated Pension Benefit Payment, bonds, borrowing, debt, JB Pritzker, pension guarantee, pensions

Pritzker budget doubles down on failure

By Austin Berg

02/21/2019

Getting behind bipartisan budget reform is the kind of bravery Illinoisans deserve from the executive branch. Instead, they’re getting more of the same.

TAGS: balanced budget requirement, borrowing, budget, debt, JB Pritzker, pensions

Repeating past mistakes: Pritzker proposes borrowing, stretching out payment ramp as pension solution

By Adam Schuster, Brad Weisenstein

02/15/2019

Trying to fix a massive pension deficit with more tax increases, deferring payments and gambling with taxpayer money is a recipe for failure.

TAGS: bonds, borrowing, credit rating, Dan Hynes, JB Pritzker, pension guarantee, pensions, progressive income tax

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 borrowing $750M at near-junk credit rating

By Austin Berg

11/29/2017

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.

TAGS: borrowing, capital project, construction, credit rating