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No - you read that correctly.
He wants to borrow $15,000,000,000 to "balance" his budget that has a $12,000,000,000 shortfall.
Something seems amiss.
Illinois Wants To Borrow More To 'Fix' Its Borrowing Problem | The Brian Sullivan Blog
Moody's downgrades state bonds, revenues continue slide
By DOUG FINKE
THE STATE JOURNAL-REGISTER
Posted Jun 07, 2010 @ 11:30 PM
Last update Jun 08, 2010 @ 09:57 AM
Illinois bond rating has been cut a notch by Moodys Investors Service as a new report shows state revenues continue to slide and the pile of unpaid bills continues to grow.
Moodys cut Illinois rating on general obligation bonds from Aa3 to A1, blaming state governments failure to come up with a permanent solution to its financial problems. Instead, lawmakers relied on a series of one-time fixes to cobble together a spending plan.
This failure underscores a chronic lack of political will that indicates further erosion of an already weak financial position, Moodys said in an opinion about the states credit rating.
The report said the states credit rating is further threatened by its growing debt burden, large unfunded liabilities for pensions and retiree health benefits, the disparity between spending and revenue and the decision to simply put off paying bills...
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
I don't necessarily agree with LC but the public employee unions in CA are insane. That idiot who bankrupted Orange county in the 90s playing with derivatives he didn't understand and got his job with a purportedly fictitious resume was at one time one of the highest paid retirees in the state pension system. OK, so he didn't get sent to prison like say Toro would if he screwed up an account the same way. OK, he wasn't terminated for cause for misrepresentation and lose his pension entirely. But how come his take home pension was published as one of the highest in the state and there was no note saying that X amount was being garnisheed for his screw up?Bullshit. It's poverty rates, welfare cases and unemployment rates are at the top of every category.
Oh, and stick it to 70 year olds for small homes they have owned for 50 years and see what happens next.
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
A state cannot declare bankruptcy under current US law. [See chapter 9. 11 U.S.C. § 109(c). ] A municipality can declare. A municipality is defined as a township, county, or a city. A state does not meet the definition of a muncipality [See 11 U.S.C. § 101(40) under the bankruptcy code!
And in some states even muncipalites are forbidden to declare. In Indiana a process is being formed to allow cities to declare banruptcy.
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
if the sate doesn't the n another slower death of a thousand cuts will occur as muni's declare bankruptcy , merge with other munis and laying off folks how after all the federal dollars via stimulus anyway, would have been laid or or should have because- and this is key , they spent ahead of the trend-lines of pop. growth and inflation.
Q- if a town or muni say the size of Vallejo at approx. 100k declares bankruptcy or lays off police etc. who picks up the slack? Sate Police? (cali doesn't have a state police force we have sheriffs and Highway patrol)
A state cannot declare bankruptcy under current US law. [See chapter 9. 11 U.S.C. § 109(c). ] A municipality can declare. A municipality is defined as a township, county, or a city. A state does not meet the definition of a muncipality [See 11 U.S.C. § 101(40) under the bankruptcy code!
And in some states even muncipalites are forbidden to declare. In Indiana a process is being formed to allow cities to declare banruptcy.
IL will beat CA in the race to be the first state in the 21st century to default or declare bankruptcy.
CA has the healthiest economy in the Americas besides Canada. But we will prolly need to declare bankruptcy to challenge our employee union obligations. Pretty much a formality. We may need to revisit prop 13 too.
But don't worry about us. The other 49 states are are in far worse condition as is the federal government.
Serious? CA has lost a lot of businesses that have moved to other states. These aren't businesses going dying, these are relatively healthy businesses saying to hell with CA business unfriendly environment. That trend is going to continue, since CA continues to put big government, big spending, illegal immigrant loving, business unfriendly politicians into their state government.
http://www.usmessageboard.com/3122800-post1.html
A state cannot declare bankruptcy under current US law. [See chapter 9. 11 U.S.C. § 109(c). ] A municipality can declare. A municipality is defined as a township, county, or a city. A state does not meet the definition of a muncipality [See 11 U.S.C. § 101(40) under the bankruptcy code!
And in some states even muncipalites are forbidden to declare. In Indiana a process is being formed to allow cities to declare banruptcy.
But they can default on their bonds. Perhaps they can default on their pension obligations as well.
