As the first week of 2011 unfolds, the Illinois Legislature is facing a huge budgetary crisis: it is $13 billion in the red, and this includes over $6 million of unpaid bills. If Illinois were a person, it would be getting a lot of bill collector phone calls.
In fact,Illinois is in very, very bad financial straits: its credit rating ties with California as being the lowest in the country, and Moody’s Investor Service gives Illinois a negative rating on its financial forecast. Which means things are very bad up Chicago way, and the Illinois Legislature has some very difficult budget decisions to make. Things like cutting child care, increasing tuitions.
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