Illinois' budget crisis has become so dire that the state is in danger of entering a financial "death spiral," as a prominent ratings agency threatens to downgrade the state's credit score to "junk" status.
?We?re in a death spiral?Illinois has the worst pension crisis in the nation and needs the boldest reforms,? Ted Dabrowski, Illinois Policy Institute?s vice president of policy, told Fox News. ?There is no doubt that junk bond rating is on its way.?
S&P Global Ratings has warned the agency will likely lower Illinois' credit rating to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year.
Illinois in danger of entering financial 'death spiral' | Fox News
it is serious or not?