"The Other" Mike Madigan, Republican candidate for Senate District 52, blames Illinois' poor credit rating - the state is ranked worst in the nation - on bad spending decisions.
"Illinois has come another step closer to junk bond status, thanks in large part to years of structural deficit spending," Madigan said. "We must break the supermajority's chokehold on state government and return to shared governance. When one party has enough power to unilaterally enact laws, raise taxes and spend money, little to nothing good can happen."
Moody's issued the state a bond downgrade yesterday from Baa2 to Baa1 because of its $26 billion in debt - putting it two spots above "junk" status.
Illinois' credit woes are further exacerbated by the fact that the state has been operating for almost a year without a state budget.
Analysts expect Illinois' unpaid debts to soar to $10 billion -- a record high -- in the near future.
Still, Illinois lawmakers plan to go forward with borrowing $550 million for capital projects.
Attempts to pass a budget have been thwarted by the defeat of Gov. Bruce Rauner’s stopgap funding plan and House Speaker Mike Madigan's (D-Dist. 22) recently canceled House session.
"When the General Assembly adjourned without passing a balanced budget, the administration warned the supermajority in the legislature there would be consequences," Catherine Kelly, a spokeswoman for Rauner's office, said in a statement. "Every rank-and-file Democrat who blindly followed the speaker down this path is directly responsible for the downgrade."
Comptroller Leslie Munger said the budget situation will cause more problems if a budget isn't in place by July 1.
Alerts Sign-up