Moody’s warns of another credit downgrade for CPS after district fails to make full $733 million pension payment
Moody’s warns of another credit downgrade for CPS after district fails to make full $733 million pension payment
Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.
By Robert Brutvan
Illinois lawmakers pass permanent income tax hike, override Rauner’s veto
Illinois lawmakers pass permanent income tax hike, override Rauner’s veto
The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.
By Austin Berg
Illinoisans are still waiting for independence
Illinoisans are still waiting for independence
More than 240 years ago, a group of individuals stood up against a far-off king who taxed them without recourse. Americans honor their efforts each year on Independence Day. The Illinois General Assembly had a funny way of celebrating this year. On July 2, the Illinois House of Representatives passed a budget that includes the...
By Austin Berg
Federal judge’s Illinois Medicaid ruling squeezes state government cash flow
Federal judge’s Illinois Medicaid ruling squeezes state government cash flow
Medicaid has ballooned to cover more than a quarter of Illinois’ population, with spending at $5.4 billion, up 141 percent 2015 compared with 2000. Now that a federal judge has ruled Illinois must speed up its Medicaid payments, the state’s Medicaid payment will increase $83 million each month, for a total monthly payment of $376 million.
By Craig Lesner, Ted Dabrowski
Moody’s clears the air: Illinois under review for possible downgrade to ‘junk’ status because of debt crisis
Moody’s clears the air: Illinois under review for possible downgrade to ‘junk’ status because of debt crisis
Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.
By Michael Lucci
Moody’s warns Illinois budget proposal may not be enough to avoid junk rating
Moody’s warns Illinois budget proposal may not be enough to avoid junk rating
Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.
By Ted Dabrowski, John Klingner
Rauner’s veto statement explains why governor vetoed Illinois tax hikes, budget measure
Rauner’s veto statement explains why governor vetoed Illinois tax hikes, budget measure
In a statement to the General Assembly July 4, Rauner listed the reasons why he vetoed the budget.
By Marianna Schmiesing
Illinois House lacks quorum for second consecutive day
Illinois House lacks quorum for second consecutive day
The Illinois House of Representatives has lacked a quorum for two straight days, rendering it unable to vote to override Gov. Bruce Rauner’s veto of the tax hike and budget plan passed by the General Assembly. The Illinois Senate passed the budget plan and tax hike and overrode the governor’s veto on July 4.
By Eric Kohn
Madigan schedules July 6 vote to override Rauner’s income tax veto
Madigan schedules July 6 vote to override Rauner’s income tax veto
The House will need 71 “yes” votes to override Gov. Bruce Rauner’s veto of a permanent 32 percent income tax hike. The July 2 vote to pass the tax hike received 72 yeas.
‘Illinois math’ in one tweet
‘Illinois math’ in one tweet
The Land of Lincoln needs to end the phony math and restructure its debts and pensions. But legislative incompetence will keep the state in a death spiral.
By Michael Lucci
Illinoisans are still waiting for their independence
Illinoisans are still waiting for their independence
House Speaker Mike Madigan can seem like the only state lawmaker in the Land of Lincoln.
By Austin Berg