If it’s about state finances, it must be bad news
Illinois’ money situation isn’t good and there’s the possibility it could get a whole lot worse.
At least that’s the assessment of S&P Global Ratings which assesses the credit worthiness of states among others. It basically doesn’t like what it sees in Illinois.
The company said state lawmakers “placed a sizable $5 billion placeholder” in the current budget in anticipation of further federal aid for dealing with the coronavirus pandemic. So far Congress hasn’t complied with anyone’s request for more aid and S&P doesn’t think it will come up with anything like $5 billion for Illinois even if it does do something.
S&P took note of Gov. JB Pritzker’s directive to state agencies to identify 5% cuts that can be made to the current budget and another 10% that can be whacked out of next year’s budget if federal aid isn’t forthcoming. “All such actions will likely have negative effects on the state’s economy and revenues,” S&P said, not to mention make it more difficult to enact more cuts in the future.
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At least that’s the assessment of S&P Global Ratings which assesses the credit worthiness of states among others. It basically doesn’t like what it sees in Illinois.
The company said state lawmakers “placed a sizable $5 billion placeholder” in the current budget in anticipation of further federal aid for dealing with the coronavirus pandemic. So far Congress hasn’t complied with anyone’s request for more aid and S&P doesn’t think it will come up with anything like $5 billion for Illinois even if it does do something.
S&P took note of Gov. JB Pritzker’s directive to state agencies to identify 5% cuts that can be made to the current budget and another 10% that can be whacked out of next year’s budget if federal aid isn’t forthcoming. “All such actions will likely have negative effects on the state’s economy and revenues,” S&P said, not to mention make it more difficult to enact more cuts in the future.
Click Here to read more.