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State budget crises: Two wins, one loss
New York, Illinois and California have seen the markets and ratings agencies react in very different manners based on their actions (or inactions, as the case may be).

( Standard & Poor's changed its outlook on the general obligation debt of New York to positive from stable while affirming the AA rating on the state.

Unfortunately, Illinois is another story. Standard & Poor's downgraded the general obligation rating of the state of Illinois to A from A+ and maintained a negative outlook due to budget uncertainty.

The news was somewhat better for California. Governor Jerry Brown and state lawmakers recently reached an agreement on some pension reforms for future state and local employees in California.†† Read more.

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