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

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.

Illinois’ budgetary mess preceded Gov. Bruce Rauner’s tenure, with years of gimmicks, borrowing and broken promises.

House Speaker Mike Madigan ducks responsibility for Illinois' woes, spurns term limits, and minimizes his massive power in a new interview.

While Chicago-area taxpayers struggle under a heavy tax burden, lawmakers – who continue to ignore reforms the state desperately needs – are now on a two-week vacation.