Bloomberg

Here's One Record Illinois Doesn't Want to Attain: QuickTake Q&A

Illinois may soon become the first state on record to have its bond rating cut to junk. Behind that financial trouble is an intractable political impasse and drama that’s been building for more than two years as Republican Governor Bruce Rauner and the Democrat-led legislature battle over how to close the state’s chronic budget deficits. Illinois over the past fiscal year spent over $6 billion more than it brought in, and public universities are reeling from the loss of state aid. S&P Global Ratings warned that the loss of its investment-grade rating is likely unless action came around the start of the new budget cycle on July 1.