Illinois’ credit rating is now just short of junk. That’s the news after a downgrade from S&P Global Ratings. The agency cited Illinois’ budget stalemate and its $14.5 billion in unpaid bills. It will take more revenue and more cuts to make any progress, but the state’s regular legislative session just ended — with no fiscal solution. The Illinois budget has been full of temporary patches and fixes for years to keep basic services functioning. States cannot file for bankruptcy, so there’s no clear path toward financial health in sight.
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