Illinois’ credit rating could move even closer to “junk” if its already large pension liability and budget deficit grow, Moody’s Investors Service said on Tuesday.
State Representative Bill Mitchell says it's the sense of urgency is felt by him as agencies in his district are feeling the effects becaue they aren't getting their mandated state funds. He isn't sure that sense of urgency is there at the top.
The Representative says it's time to be in continuous session until the job is done. He says the threats coming from the credit agencies is "serious stuff".
Moody’s says growth in Illinois’ chronic unpaid bill pile, a barometer of the state’s structural budget deficit quote-“would elevate liquidity risks and add further credit pressure.”
The bill backlog stood at $7 billion as of Monday and Moody’s projected it could top a $9.9 billion peak reached in November 2010 if the state fails to fill its fiscal 2016 budget gap.