Moody's Investor Service is weighing in again on Illinois financial crisis, threatening another downgrading of its credit rating if it doesn't do something to resolve its budget stalemate in a couple of months, Reuter's reports.
The credit rating agency said the state is at a "critical juncture," and failure to reach a budget consensus by the May 31 end of the legislative session would "signal deepening political paralysis, heightening the risk of creditor-adverse actions."
"This is sort of a do-or-die moment here with respect to the leaders in state government," Moody's analyst Ted Hampton said.
Hoo boy, yet another warning. And yet another instance of Illinois ignoring the threat. Except for Gov. Bruce Rauner, who has modified and compromised on his original demands for budget and economic reforms. House Speaker Mike Madigan and his Democrat cronies haven't given an inch.
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