Budget Doesn’t Guarantee Illinois Against Junk Credit
(Chicago, IL) — Even with a 32-percent income tax increase, Illinois could soon have junk credit. Moody’s Investors Service yesterday said the five-billion-dollar tax increase on the table with a new state budget is a positive step forward for the state. But Moody’s said because the budget doesn’t deal with Illinois’ 250-billion-dollar pension debt or the state’s 15-billion-dollar backlog of unpaid bills, Illinois’ credit is still in jeopardy. Republicans say the warning is another reason not to move forward with the tax increase and the budget that it fuels.
Benjamin Yount/bfj IL)
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