illinois credit rating

Illinois' Economy
9:47 am
Thu June 5, 2014

Moody's: Budget Could Undo 'Significant Progress'

"I don't know how you can blame us or the governor for a negative bond rating," Senate President John Cullerton says. "The Republicans are the ones saying, 'Don't raise the taxes, we don't need that. Make structural changes,' whatever that means."

Originally published on Wed June 4, 2014 8:46 am

The credit rating agency Moody's says Illinois is at risk of undermining progress toward better finances. It says the failure to extend current income tax rates could lead to a worsening deficit.

Moody's says because lawmakers failed to stop an automatic tax cut scheduled for the end of the year, Illinois could have to increase its backlog of unpaid bills. The state already has the lowest credit rating in the nation.

Read more