From BloombergBusinessWeek:
Fitch Ratings cut the state’s $27.5 billion in general-obligation bonds to A- from A today, citing the inaction in the legislative session that ended May 31.Quinn, as I've reminded readers of this blog many times before, said over 400 days ago that he was "put on earth" to fix Illinois' pensions.
Lawmakers adjourned without taking final votes on proposals to reduce an unfunded pension liability that grows by $17 million a day. As they left the capitol in Springfield, with plans to return in late October, members of both parties acknowledged a credit cut was almost unavoidable. Governor Pat Quinn, a Democrat, called the leaders of the state House of Representatives and the Senate to a meeting tomorrow.
"If I could issue an executive order to resolve the pension crisis, I would have done it a long time ago,” Quinn, 64, said in a statement from his office in Chicago. He called the credit cut "no surprise."
The governor, like the leaders of both chambers of the General Assembly, is a Chicago Democrat. The Dems have supermajorities in both the House and the Senate.
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