Lawmakers adjourn without passing budget
May 31, 2017
Once again the Illinois General Assembly has adjourned without passing a budget. This is manifestly unacceptable. Our businesses and citizens bear the brunt and shoulder the consequences.
Our credit rating will certainly be reduced to "junk." This will be a first and put us last and in a category occupied by us alone.
Unpaid bills will skyrocket. The balance stands today at 12 billions. Watch this climb.
Borrowing costs will increase, costing us all even more. It could even be a That 2-percentage-point penalty which already costs Illinois $20 million dollars extra each year for every billion dollars the state borrows.
Social programs will continue to close and pension debt will further increase. This amounts to a spiraling set of costs on both fronts.
It is time to finally pass a budget.