Illinois credit rating dangerously close to junk bond status
Without a budget in place at the start of the third fiscal year, the state's credit rating is now in danger of being downgraded to junk bond status.
S and P Global warned earlier this week they are prepared to downgrade Illinois’ credit to the lowest status.
UIS professor Ron McNeil says the result of another downgrade means Illinois will have to pay even more when borrowing money for state projects.
Illinois already has the worst credit rating in the country.
"We are paying more than any state, we're the worst in the country," UIS professor Ron McNeil said. "Having said that, when I say we pay I mean children and grandchildren, so we're burdening other people with debt.
Illinois' credit rating has already been downgraded more than seven times since the impasse started.