Marketplace Logo Donate

Daily business news and economic stories from Marketplace

Illinois already had the worst credit rating of any state, and it just got lower

Subscribe to our Newsletters

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.

Click the audio player above to hear the full story.

What's Next

Latest Episodes From Our Shows

Listen
5:37 PM PDT
14:41
Listen
3:39 PM PDT
28:05
Listen
1:45 PM PDT
1:50
Listen
7:33 AM PDT
7:47
Listen
Jul 6, 2022
6:04
Listen
Jun 30, 2022
31:02
Listen
Jul 5, 2022
26:25
Exit mobile version