Illinois’ fiscal collapse is the culmination of decades of budget gimmicks and taxes used to paper over the state’s structural spending problems and misplaced priorities that favor special interests over ordinary Illinoisans.
Gov. Bruce Rauner has compromised over and over to strike a deal, to the point of abandoning every reform he once demanded. But no matter how much Rauner gave, House Speaker Mike Madigan never budged.
In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.
State lawmakers still haven’t passed a budget, but the Illinois House of Representatives passed a resolution June 22 declaring Southern Illinois the “Eclipse Crossroads of America.”