News Releases About Illinois Budget Impasse
Look back at how Illinois’ historic budget impasse affected public finances, state programs and communities—and how the Treasurer’s Office responded.
Illinois State Treasurer Michael Frerichs’ Statement on Fitch Ratings’ Decision to Lower Credit Rating
SPRINGFIELD — Illinois State Treasurer Michael Frerichs today released the following statement after Fitch Ratings’ decision to lower Illinois’ credit rating. It is the sixth time an agency downgraded Illinois’ creditworthiness since 2015. “Our credit rating suffers because the leaders in the General Assembly and the Governor will not negotiate an honest budget,” Frerichs said. “This singular focus on non-budgetary items is silently ripping money out of the pockets of everyone who lives in this state.” “Borrowing costs money. Borrowing without a budget costs even more money. We know a…