(WGNTV) A warning came Saturday morning from state treasurer Dan Rutherford (R) IL State Treasurer. The Standard and Poor’s downgrade from A to A-minus puts Illinois last on the list– and means a higher cost to borrow money.
On Wednesday, the state will issue $500 million in new bonds to pay for roads and other transportation projects. Rutherford says the credit downgrade will cost taxpayers an additional $95 million in interest. When compared to a perfect triple-a bond rating enjoyed by other 11 states including neighboring Indiana, Iowa and Missouri.
Rutherford points to Governor Quinn and the democratically controlled general assembly for making matters worse in the last two years– raising taxes but not acting on pension reform.
Obama's hometown state is on the verge of collapse. Why? Because Unions is taking the state into bankruptcy. This occurs when you put Democrats in control!