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

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.

A proposal to levy a statewide 1 percent residential property tax would vault Illinoisans’ property tax burden to the highest of all 50 states.