ROCKFORD - The S&P is the latest credit rating agency to lower
"You're not to far from junk status at this point," said 69th State Representative Joe Sosnowski.
Sosnowski says the announcement puts
"We're worse off than any other state, including
The decision is being blamed on lawmaker's inability to pass pension reform over the last two years.
"Every time there is a deadline set, and nothing has happened substantively, there has been a negative action by the rating agencies," said Illinois State Treasurer Dan Rutherford.
Sosnowski worries businesses will be turned away from
the basing in
He also fears there won't be money to fix core infrastructure, hurting the construction industry.
"The trickle down effect is really dramatic and terrible, so we've got to right this ship", said Sosnowski.
"You have less money for things like education
and public safety," said 34th District State Senator
Both Sosnowski and Stadelman think new lawmakers in
"Or three, cut the
budget by 345 million dollars," said
New pension reform bills are being submitted, the
house will reconvene for the spring session next week, and the senate will head