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.”