Press "Enter" to skip to content

Will County state lawmakers praise state’s improved fiscal outlook

Will County area state legislators praised the recent credit upgrade Illinois received, the first in nearly two decades.

State Sens. John Connor, D-Lockport, and Meg Loughran Cappel, D-Shorewood, said the improved rating is the result of efforts during last year’s budget negotiations, according to a news release.

“The decision to upgrade the state’s credit rating is a result of fiscally responsible budget making and is fantastic news for Illinois taxpayers,” Loughran Cappel said in a statement. “This will lead to reduced interest rates for state borrowing, freeing up taxpayer dollars to be invested in places like our public education system.”

A Moody’s analysis determined the fiscal year 2022 budget for the state increases pension contributions, repays emergency federal borrowings, and keeps a backlog of bills in check with only constrained use of federal aid from the American Rescue Plan.

Still, the new upgrade leaves Illinois bonds rated just two levels above so-called “junk” status.

“Illinois’ improved rating shows that we are making responsible fiscal decisions as viewed by an outside agency,” Connor said in a statement. “For the first time in over 20 years, Illinois is moving forward.”

Source: The Daily Chronicle

Be First to Comment

    Leave a Reply

    %d bloggers like this: