Moody's Warns Illinois Lawmakers of Budget Stalemate Impact - NBC Chicago
Ward Room
Covering Chicago's nine political influencers

Moody's Warns Illinois Lawmakers of Budget Stalemate Impact



    5 Ways to Support Your Runner

    A major credit rating agency is warning legislators and Gov. Bruce Rauner to reach a budget agreement by late September because it's linked to other massive financial problems.

    Moody's Investors Service said Monday that the stalemate underscores "weak governance" and is symptomatic of other "severe" challenges like ballooning pension payments, debt costs and dwindling revenues as a 2011 temporary income tax increase rolls back.

    Moody's says Illinois' projected budget hole is about $5 billion, and addressing it will become harder if lawmakers approach the September end of the fiscal quarter without a budget deal.

    The Republican governor and Democratic-controlled Legislature haven't agreed on a July 1 fiscal year budget. Money is still being spent, including through court orders.

    Rating agencies have given Illinois the worst rating of any U.S. state.

    Get the latest from NBC Chicago anywhere, anytime

    • Download the App

      Available for IOS and Android