Illinois Morass Fuels Speculation It'll Be First Junk-Bond State
- Gridlocked state headed to third year without a budget
- Rating companies warn of further downgrades without a solution
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What’s worse than the worst? Illinois may find out.
The lowest-rated U.S. state is headed toward its third year of an unprecedented budget impasse as Republican Governor Bruce Rauner and the Democrat-led legislature repeatedly fail to agree on how to plug chronic deficits and halt the growing backlog of unpaid bills.