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Moody's Illinois report: State holds seeds of its financial destruction or renewal

Matt DietrichReboot Illinois

Sep 01, 2015

New Moody’s Illinois report says income tax increase inevitable

The title of the new Moody’s Investors Service report on Illinois state government finances says it all: “Late Budget Matters Less than Solving Pension and Revenue Problems.”

A late budget is nothing new for Illinois or a lot of other states. Even heading into its third month, the Illinois budget impasse itself — which Moody’s had expected all along — is not the state’s biggest crisis, the ratings agency says.

That may change soon, as unchecked spending threatens to build a deficit of $5 billion that will have to be dealt with in the budget.

While…

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