Lawmakers failed to keep their promise to pay down the state’s bills despite the fact that they are still raking in billions in new money from the 2011 tax hike. In fact, Illinois’ unpaid bills are slated to reach $9 billion during the Christmas season this year. When the Illinois General Assembly passed a record...

This week Illinois borrowed $350 million to pay for projects including roads, bridges and schools. The state issued 25-year taxable general obligation bonds, the first borrowing by Illinois since the state passed its pension “fix” in early December. But not unlike someone with a terrible credit score, Illinois must pay the highest penalty rate of...

The Illinois General Assembly passed a record income tax increase on individuals and businesses in 2011. And Gov. Pat Quinn promised that it specifically was “designed to pay our bills.” By the end of the current fiscal year, lawmakers will have collected a total of $25.7 billion in new revenue from the 2011 tax hike....

Chicago’s recent triple-notch downgrade by Fitch Ratings is a stark reminder that Illinois’ inability to solve its pension crisis has consequences. Illinois has the lowest credit rating of all 50 states. In contrast, three of its neighbors have maintained their AAA rating from Standard & Poor’s Ratings Services. Illinois has suffered 13 downgrades from the...