Illinois has a chance to fix its state finances, thanks to federal relief. But unless pension growth is brought under control, both retirees and taxpayers will be at risk as debt continues to consume state services.

The city has suffered significant revenue losses as a result of COVID-19 restrictions. Pensions will further damage city services even as the pandemic fades.

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

Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout.

Lawmakers made no serious attempt to balance the new budget, instead counting on a federal bailout. They accepted an $1,800 raise for themselves, while only making significant cuts to education.

The budget was not balanced, and Illinois has not balanced a budget for nearly two decades. Pretending Illinois had no issues before COVID-19 won’t help it recover.

Two decades of fiscal mismanagement have left state finances ill-prepared for the COVID-19 pandemic. Congress should condition any additional aid for troubled states on taxpayer protections that ensure pensions are solvent, accounting is realistic and budgets are balanced.

As Illinois teeters on the edge of a junk credit rating, one key policymaker is floating bankruptcy as a solution.