Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
Fitch Ratings has issued a warning about a pension plan pushed by one Illinois think tank, which includes no reform and would harm the state’s credit rating. The response from the Center for Tax and Budget Accountability proves how indefensible the plan really is.
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.
Illinois House Bill 3868 would give Gov. Bruce Rauner the authority to trim costs and reorder the state’s spending priorities to balance the budget.
The New York-based credit agency cited the lack of action on a budget as the primary reason for the downgrade.
The Illinois General Assembly is refusing to fix Illinois’ structural problems. Downgrades are the consequence.