By Bill Cameron, WLS-AM 890 News
(CHICAGO) In the state budget impasse, there’s a dreaded day coming in early summer.
May 30th is the dreaded day. That’s the last day of the legislative session. If there’s no state budget, Civic Federation chief Lawrence Msall tells WLS-AM 890 the bond rating houses could cut the state’s access to the credit markets.
“If the state can’t borrow money, if it basically loses access to the credit market, the state operations will screech to a halt because they won’t have sufficient working capital to pay their employees and the obligations of the state will come crashing upon them. There would have to be a massive restructuring of the state operations if it loses access to the credit markets,” said Msall.
And opening the schools in the fall would be threatened if the state can’t cut school aid checks.
