Reported 4 months ago
Illinois is narrowing the gap in the municipal-bond market as investors react positively to the passing of an on-time budget, leading to a reduction in the extra yield demanded on Illinois debt and a general improvement in the state's fiscal position. Lawmakers approved a $53 billion budget for the upcoming year, easing pressure on the state with the lowest credit rating. The budget, described as unexciting but positive, has contributed to Illinois passing balanced budgets on time, paying down bills, and receiving credit upgrades. Despite progress, concerns remain about future spending without revenue growth and the need for more long-term planning, as highlighted by the Civic Federation.
Source: YAHOO