All for nought. Junk status looms for Illinois.

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.

Moody’s Investors Service issued a statement July 5 explaining that Illinois is in a deep debt crisis, which the tax hike passed by the General Assembly won’t resolve. Moody’s is reviewing Illinois’ debt and might downgrade the state’s credit to “junk” status even if lawmakers override Gov. Bruce Rauner’s veto of the tax hike and budget proposal and they become law. That’s because the tax increase and budget proposal passed by the legislature don’t tackle the state’s core problems; they merely address the symptoms.

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