Illinois government - putting a tighter squeeze on your pocket book than this young lady's clothing!
SPRINGFIELD, IL - A key rating agency dropped Illinois’ credit outlook from stable to negative Friday, a move that could make it more expensive to pay for an ongoing statewide construction program aimed a building new roads, schools and bridges.
The warning shot from Moody’s Investors Service came as Gov. Pat Quinn said Friday that he and lawmakers were weighing a menu of new taxes to shore up funding for the public works plan that he indicated is running low on funds.
The estimated $250 million to $300 million a year shortfall is due to a lengthy delay in launching video gambling at bars and restaurants across Illinois, as well as a higher than expected number of communities opting to ban the machines. If lawmakers don’t approve new funding methods, Quinn said projects initially slated for completion by 2015 would take longer to finish.
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