Illinois' credit rating could be downgraded again

"The numbers are extremely scary," said State Representative Joe Sosnowski.

Fitch Ratings announced that the agency has placed Illinois' credit rating on a negative watch list because the state couldn't reform its pension system.

Representative Sosnowski says lawmakers can't wait much longer to pass reform legislation.

"We can't wait and see any longer," said Sosnowski.  "Because again, the problem just continues to get bigger and bigger."

If they don't and the state gets downgraded again, any money the state borrows will have an even higher interest rate.

Illinois State Treasurer Dan Rutherford warmed lawmakers of the pending fiscal disaster saying "...it will be worse than any fiscal calamity we have seen thus far in this state."

"The problem is huge and it's still growing and we have no way to pay for it," said Sosnowski.

There are many new lawmakers in Springfield for the spring session, new 34th District State Senator Steve Stadelman hopes that could mean new ideas and new solutions.

"Hopefully I'll bring a fresh perspective, a new way of doing things, a new approach," said Stadelman.  "And hopefully that will help push the ball forward."

While a compromise still seems far off, both Ssnowski and Sadelman agree the pension system is unsustainable.  Sosnowski says if no decision is made, the state will have to file for bankruptcy due to the pension system.

"We need to have higher contributions, we need to have higher retirement age," said Sosnowski.

"People were promised pensions and they were promised benefits, but the path is not sustainable," said Stadelman.

Illinois did have its credit rating downgrade in 2011.  Fitch Ratings says Illinois has the second worst credit rating in the country, if we get downgraded again we would likely have the worst.