Post by Logan on Jun 12, 2016 6:46:10 GMT -6
Rauner, Madigan blame each other for Illinois' credit rating downgrade
Illinois' worst-in-the-nation credit rating sunk even lower Thursday as a pair of Wall Street agencies issued another downgrade, citing the record-breaking budget impasse that one analyst said has left the state "increasingly vulnerable."
As has been the case throughout their yearlong battle of wills, Republican Gov. Bruce Rauner and Democratic House Speaker Michael Madigan quickly sought to blame the other guy for the financial bad news.
Amid the unending partisan finger-pointing, Comptroller Leslie Geissler Munger sent up a warning flare: Without a compromise by the start of the new budget year July 1, more than $9 billion in emergency funding that's kept universities, domestic violence shelters and food stamps afloat will expire. Also unaddressed is another $13.7 billion that ensured primary and secondary schools opened on time last year.
And so the state's downward financial spiral continued after lawmakers adjourned last week without sending Rauner a budget, potentially laying the groundwork for a second straight year without a complete spending plan. Caught in the middle are social service providers who care for the elderly, schoolchildren whose classrooms may be dark come fall, and even lottery winners awaiting payment, their luck apparently expended.
Read more: www.chicagotribune.com/news/local/politics/ct-illinois-credit-rating-downgrade-rauner-madigan-met-0610-20160609-story.html
Illinois' worst-in-the-nation credit rating sunk even lower Thursday as a pair of Wall Street agencies issued another downgrade, citing the record-breaking budget impasse that one analyst said has left the state "increasingly vulnerable."
As has been the case throughout their yearlong battle of wills, Republican Gov. Bruce Rauner and Democratic House Speaker Michael Madigan quickly sought to blame the other guy for the financial bad news.
Amid the unending partisan finger-pointing, Comptroller Leslie Geissler Munger sent up a warning flare: Without a compromise by the start of the new budget year July 1, more than $9 billion in emergency funding that's kept universities, domestic violence shelters and food stamps afloat will expire. Also unaddressed is another $13.7 billion that ensured primary and secondary schools opened on time last year.
And so the state's downward financial spiral continued after lawmakers adjourned last week without sending Rauner a budget, potentially laying the groundwork for a second straight year without a complete spending plan. Caught in the middle are social service providers who care for the elderly, schoolchildren whose classrooms may be dark come fall, and even lottery winners awaiting payment, their luck apparently expended.
Read more: www.chicagotribune.com/news/local/politics/ct-illinois-credit-rating-downgrade-rauner-madigan-met-0610-20160609-story.html