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Barry you're dead wrong on this one. Illinois tried last month to file for STATE BK protection. US law does not allow for anything but cities and municipalities to file for BK. So they are royally fucked right now. NO budget it 4 years. Unreal. Also megamillions just pulled out and they will not let Illinois sell any lotto tickets at all now. They were paying winners with IOU's the past year. How bout that shit? The damn lottery banned them.
I really don't know how they are going to get out of it without federal help. Which is shit but what else can be done? let a state go dark? If they do though the entire legislature should be removed and the governor also. No one associated with the issue should remain if they were in office in any way during this fiasco. Dem or Rep. I think S&P already lowered them to the lowest rating a state has ever had. There is no hope to be paid on the bonds so they are I think rated junk already. Law or no law doesn't matter. They haven't paid and won't. It's law to have a budget too, they haven't done that in 4 years.
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