Illinois Governor’s Budget Cuts Costs, Corporate Tax Breaks – Bloomberg

"While recent economic gains helped shrink the fiscal 2022 gap from an earlier estimate of $5.5 billion, the state’s finances are still stressed. Unpaid bills of $5.2 billion and an unfunded pension liability of about $141 billion weigh on Illinois’ credit rating, keeping its ranking only one notch above junk and the lowest of all U.S. states. Illinois has been faced with higher borrowing costs than its peers and is the only state that tapped the Federal Reserve’s Municipal Liquidity Facility last year."