Rauner Budget not only cuts to the bone, but also cuts bone. Pretty much every Social Service is getting whacked. Illinois is about $2.5 billion behind on it's bills.
Here's a better breakdown without all the "SKY IS FALLIN" rhetoric.
https://www.illinoispolicy.org/rauners-budget-a-line-item-breakdown/After 12+ years of budget gimmicks, this is a truly balanced budget. Which is why the liberals in this state have called him everything short of a babykiller.
When Democrats raised the state income tax in 2011, they said the additional tax money would ‘pay down Illinois’ backlog of bills, stabilize the state’s pension crisis and strengthen its economy.’ Back in 2011, the state’s backlog of bills was $8.5 billion. But after collecting more than $31 billion in higher taxes, Illinois still has approximately $5 billion in unpaid bills, more than $111 billion in pension debt and the weakest economy in the nation.
Chicago Public Schools:
Former CEO is being investigated by the FBI. Which means another Chicago Pol is about to go to jail.
Also because of their credit rating downgrades to one level above junk, (same with the Illinois rating), the:
Investment bankers who entered into risky transactions with the Chicago Board of Education called debt swaps could demand payment of an estimated $228 million, documents the district filed with federal financial regulators show. That possibility was triggered by the school system being hit with a dramatic downgrade in its credit rating last month. As a result, the financial institutions can end the deals and demand termination payments within “two business days following notice of the amount payable,”
CPS has $174 million in reserves and another $227 in operating reserves. If one investment bank calls its debt, it'll cascade and CPS will have no choice but to file BK.
I soooooo hope one calls their note(s) and pulls the entire rotting edifice down. Simply because if they do, then Chicago would be forced to jump and help, pulling it into a death spiral. Detroit here we come...
