Tuesday, 21 August, 2018

Illinois could be 1st state with 'junk' credit due to budget

Illinois could be 1st state with 'junk' credit due to budget Illinois could be 1st state with 'junk' credit due to budget
Orlando Vargas | 28 June, 2017, 04:56

The Land of Lincoln is now more like the Land of Obama. Especially now that Rauner, the primary financial backer of the state's Republican Party, is running attack ads excoriating Democrats, especially Madigan himself, for their intransigence.

IL is on track to become the first state in the USA with a "Junk" credit rating.

Rauner and the GOP have been pushing for a property tax freeze as part of any budget.

There was nonetheless one display of bipartisanship at the statehouse, as Democratic and Republican legislators alike flanked Rauner as he signed into law a measure that stands to send offenders to prison for extended periods if they are caught multiple times in illegal possession of a gun.

The Republican Governor and Democrats that control the General Assembly are feuding over the state's budget.

In order to reduce the state's backlog of unpaid bills by an estimated $4 billion, Rauner agreed to increase the state income tax, expand the state sales tax, and implement a cable and satellite TV tax (about the only thing left not already being taxed). That includes $215 million for the district's teacher pension fund - CPS is the only district in the state that pays for its own teacher pension system - and $202 million in special grants that the district historically has received from the state.

A downgrade to "junk" status would increase the cost of borrowing for critical infrastructure, or refinancing existing debt.

How Analysts Rated Auto Trader Group PLC (LON:AUTO) Last Week?
Investec lowered its recommendation on HSBC to "sell" yesterday, while keeping its price target of 640.00p on the shares. The Electronic Systems segment consists of the Company's United States and United Kingdom electronics activities.


'Bachelorette' 2017: Who Went Home In Episode 5? Race Takes Center Stage
Even though Lee told Will that he understood, the private cameras showed him not appreciating that the "race card" was played. When Rachel barely cracks a smile after his jokes, Jack explains that he is looking for a woman with a sense of humor.


Gas prices drop, setting up affordable July 4th for driving
Some drivers assume with more people traveling for the holiday, gas stations will mark up their prices, said Jenkins. Global oil prices have fallen since a modest rise over the winter as American producers continue to pump more crude.


California's status may have worsened since then.

The more money the state has to pay on interest, the less that's available for things such as schools, state parks, social services and fixing roads.

Under state Representative Michael Zalewski's plan, debt-service and pension payments would be excluded from the freeze, and cash-strapped school systems that have been placed on a financial watch list by IL would be exempt, including Chicago's struggling public school system.

Illinois Comptroller Susana Mendoza recently penned a letter placing the blame for Illinois' fiscal woes and their impact on universities entirely on Gov. Bruce Rauner.

"In this newfound era when your side continues to lecture us on a daily basis about laying down arms, maybe instead we can work together and come up with some policies that can help those people that can't afford to stay in their homes due to high property taxes", Wehrli said. "Our reputation really can't get much worse, but our state finances can". Madigan has additional issues he wants discussed.

This is a commentary piece.

One doesn't exactly have to be a Nobel Laureate in economics to see that this equation isn't sustainable.

Recommended

Conference: US mayors may shape national climate policy Conference: US mayors may shape national climate policy Former President Bill Clinton is set to talk as hundreds of mayors convene on Miami Beach for the U.S. It's the first time Miami Beach has hosted the event since 1962.

Uber driver charged with indecent assault, WA Uber driver charged with indecent assault, WA Investigators released images of Spence and his vehicle, a 2015 silver four-door Nissan Sentra with license plate number 7XUX293. Hayes said Spence rented a room and carried the unconscious woman, who was intoxicated, inside before sexually assaulting her.

Penguins' Fleury left available for Vegas expansion draft Penguins' Fleury left available for Vegas expansion draft But Vegas general manager George McPhee has a simple solution for those teams that don't want to part with their star players. Rules of that nature will make it easier for the team to collect a cache of draft picks before they ever play a single game.

Gunfire heard at Mali resort area popular with foreigners Mali's security minister later issued a statement confirming at least two deaths, one of which was a dual French-Gabonese citizen. The Defense Ministry, meanwhile, said the army had repelled an attack against a military post in Bamba in the north on Monday.

AB de Villiers leaves England tour to decide on global future AB de Villiers leaves England tour to decide on global  future Yet that was the moment for Malan to join Hales and let rip into the South Africa bowling attack. He bowled well at Taunton and he knows his game very well, as does Liam Plunkett .

Trump suggests he was trying to keep Comey honest with 'tapes' tweet Trump suggests he was trying to keep Comey honest with 'tapes' tweet In an interview that aired Friday on "Fox and Friends", Trump said Mueller is "very, very good friends with Comey, which is very bothersome".

Australia suspends flights over Syria after Russian Warning Australia suspends flights over Syria after Russian Warning Gadi Eisenkot is said to have promised behind closed doors that Israel would lend support to the Jordanians if needed. It said government helicopters dropped 55 barrel bombs on Daraa while warplanes carried out about 20 airstrikes.

Paris: 4 family members detained after Champs-Elysees attack Paris: 4 family members detained after Champs-Elysees attack Monday's incident came less than a day after a vehicle attack on Muslim worshipers outside a mosque in north London. The man was from a suburb in Paris and had been previusly flagged for extremism, French police said.

Mobile first in United States to operate LTE-U network Mobile first in United States  to operate LTE-U network I hope AT&T and Verizon like eating our dust!" T-Mobile plans to roll out small cells that include LAA technology later this year. Back then, operators were hopeful they could introduce LTE-U at least by 2016, but that didn't happen.

Crystal Palace appoint Frank de Boer as new head coach Crystal Palace appoint Frank de Boer as new head coach A spokesman for ManBetX added: "It's a hugely exciting time to partner with a high profile Premier League team like Crystal Palace FC ".

Republicans delay US Senate vote on 'Obamacare' repeal The moderate Republican opposition to the bill in its current form came as at least five conservative Republican lawmakers - Sens. Moderate Republican Susan Collins of ME said she would vote "no" on the motion to proceed with the bill.

German city evacuating high-rise found with flammable material German city evacuating high-rise found with flammable material The number of displaced households now in emergency accommodation following the fire has risen to 386, the Grenfell Response Team said.

Home Prices Mount at Slower Pace Home Prices Mount at Slower Pace The annual increase in March was 6 percent, while in February and January prices were up 6.7 percent from a year earlier. Portland followed at 9.3 percent; Dallas at 8.4 percent; Denver at 8.2 percent; and Detroit at 7.4 percent.

Germany: don't expect Turkish bodyguards at G-20 Germany: don't expect Turkish bodyguards at G-20 CNN reports that the neither the Turkish Foreign Ministry or Erdogan's office have given them a comment. Germany's warning to Turkey comes amid significant security concerns around the G20 summit next week.

Tottenham face Newcastle & Chelsea in first two matches Tottenham face Newcastle & Chelsea in first two matches It's even better news for Huddersfield - also tasting the Prem for the first time - who crack the top ten. Chelsea will want to secure the Premier League once again before the final two games of the season.