Illinois could soon be the first state in history to have its bonds rated as “junk.” Last month, both Moody’s MCO and Standard & Poor’s downgraded Illinois debt to just one notch above junk status.
Last week, the Illinois State Senate President Don Harmon (D-Chicago) wrote a letter to Congress requesting a $41.6 billion bailout. Critics balked.
In many ways, Illinois may have already crossed the Rubicon.
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-WiscoDave
