Illinois is heading for insolvency and bankruptcy.
This being a math problem, you'd think that someone out there would be able to state it simply. "They borrowed and spent too much and now there's nothing they can do but cut the budget."
If they raise taxes, as Connecticut discovered, the people what pay the taxes will leave. If they borrow more money, they only postpone the inevitable and that for a very, very short time.
Instead, the media focuses on the "budget impasse" as if that mattered in the long run. Have a budget, don't have a budget, do what you want, Illinois. Funding is going to have to be cut and drastically. That's because borrowing is spending tomorrow's money. Well, tomorrow has just arrived for Illinois.
Way back when their credit rating was high, all of those wonderful spending increases paid for with debt were sold as compassionate. Only heartless people opposed them, greedy people, people who don't give a rat's rear end about the poor. Yep, that was people like me.
Now look. All those poor folks and students are getting whacked and good.
Too bad no one seems to be learning from it.
See also: Rico, Puerto.