A New York bond-rating agency gave Illinois a "negative outlook" on Thursday, largely because pressure to pay for state pensions is a growing burden that could lead to massive spending cuts or heavy tax increases.
Only two other states were given the negative outlook rating: Michigan, which has had six straight years of job losses attributed to a reeling auto industry, and Louisiana, still recovering from the ravages of Hurricane Katrina, according to Fitch Ratings.
The announcement comes as Gov. Rod Blagojevich, House Speaker Michael Madigan and Senate President Emil Jones--all Chicago Democrats--struggle to pass a budget that would scale back scheduled payments to the pension funds for the second year in a row.
Medicaid payments are being delayed at an unconscionable rate, doctors are leaving the state. Tribune here.
Governor Blagojevich has spent only 15 days in Springfield this session, has completely shut Republicans out of budget negotiations, but has the audacity to blame them for the overtime legislative session. Capitol Fax publisher Rich Miller in the Sun Times:
For instance, Blagojevich refused to take any responsibility for the overtime session this week, instead blaming the Republicans.
The Democrats control the House, the Senate, the governor's office and the Supreme Court. They can do just about anything they want. On top of that, the Republicans have been completely shut out of the budget process this year. They aren't invited to the meetings and their ideas are rejected out of hand.
No credible person could ever claim that the Republicans should be blamed for the General Assembly missing its adjournment date. But there he was, saying it all with a straight face.
It didn't help the governor's case that he shifted the blame while speaking at a campaign event -- not long after his Republican opponent, Judy Baar Topinka, chastised him for campaigning instead of governing. Oops.
Governor Blagojevich, step up to the plate.
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