Illinois suffers credit downgrade

Local News

SPRINGFIELD, Ill. (WCIA) — One day after House Speaker Michael Madigan (D) declined to call a vote on a series of budget bills before the legislative deadline, Moody’s Investors Service and S&P Global Ratings downgraded Illinois credit rating to near junk status. 

Illinois now becomes the only state in U.S. history to have such a low credit rating. Comptroller Susana Mendoza’s office warns the state is “about to reach the breaking point at which court-ordered payments will exceed the state’s revenues.” The statement calls on Governor Bruce Rauner to “stop campaigning and take responsibility for his failures and fulfill his constitutional mandate to introduce a balanced budget.”

Rauner’s office blames Democrats for the missed budget deadline that triggered the latest fiscal downturn.

Spokesperson Eleni Demertzis released this statement: “Madigan’s majority owns this downgrade, because they didn’t even attempt to pass a balanced budget, get our pension liability under control, and other changes that would put Illinois on better financial footing.” 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

Fill out my online form.