Each Chicago household on the hook for $82K in local government debt

By Ted Dabrowski, John Klingner

09/11/2017

After a tax hike spree from Chicago-area politicians, residents are stuck paying more only to carry an ever-larger load of debt.

TAGS: Chicago, debt, municipal pensions, pensions, property taxes, Rahm Emanuel

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

Understanding why the new budget fails Illinoisans

By Ted Dabrowski, John Klingner

07/13/2017

Tax hikes on struggling Illinoisans as the state is bordering on a recession, a lack of structural spending reforms, no true pension reform, $100 million in pork spending, and the continued threat of a junk credit rating are among the ways the new Illinois budget fails taxpayers.

TAGS: budget, credit rating, debt, income tax, pensions, taxes

Illinois budget deficit projected to hit $6.2B by June 30, grow to $7.7B by June 2018

By Eric Kohn

06/08/2017

The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.

TAGS: budget, credit rating, David McSweeney, debt, Moody's Investor Service, Standard & Poor's, unpaid bills

Illinois owes over $250 billion in pension debt

By Ted Dabrowski, John Klingner

06/01/2017

Moody’s Investors Service cited Illinois’ $250 billion in pension debt and the lengthy budget impasse as reasons for its one-notch credit downgrade.

TAGS: budget, credit rating, debt, Moody's Investor Service

Illinois has the lowest credit rating on record for a U.S. state

By Ted Dabrowski, John Klingner

06/01/2017

S&P cited Illinois lawmakers’ failure to pass a budget and the lengthy budget impasse as reasons for its one-notch credit downgrade. Over the years, Illinois’ state credit rating has been downgraded multiple times due to massive spending and excessive borrowing.

TAGS: budget, credit rating, debt, Standard & Poor's

Illinois owes $3.5M in past-due utility bills

By Brendan Bakala

05/23/2017

The state government owes the City Water, Light and Power of Springfield $3.5 million on past-due utility bills for state offices. The past-due utility bills are just one part of Illinois’ more than $14.3 billion bill backlog.

TAGS: budget, debt, Illinois General Assembly, unpaid bills

Illinois’ unpaid bills jump to $14.3B

By Brendan Bakala

05/17/2017

New numbers from the Illinois comptroller’s office show that Illinois’ unpaid bill backlog has climbed to more than $14 billion. In August 2016, Moody’s Investors Service predicted Illinois’ bill backlog would reach $14 billion by summer 2017.

TAGS: budget, debt, Moody's Investor Service, unpaid bills

Puerto Rico’s ‘bankruptcy’ a warning to Illinois

By Ted Dabrowski, John Klingner

05/05/2017

Illinois needs to enact structural spending reforms to avoid following Puerto Rico down the path to insolvency.

TAGS: budget, credit rating, debt, municipal government, municipal pensions, pensions, puerto rico