just above junk bond status, the worst of any state in the nation fitch ratings is that boils down to a lack of coherent fiscal policymaking over many years. we haven t had politicians who are looking in the medium or long run of what we can afford. they are elected by making promises without any money in the bank essentially. a spokesperson says the transition team has to assemble an budget and innovation committee. it would allow the state to level out future of patients per to pay for the incoming of is talking about revenue streams casinos and sports betting recreational pot. he campaigned on the promise of switching alumni from a flat tax of 44.9% of graduated tax that puts a greater burden on the wealthy. the incoming administration is all democrats are the only thing they are talking about is raising taxes. even with a republican governor illinois saw sales and income tax increase.
hello to you first of all. hello. heather: how will illinois get in such a hole in the first place. first is unchecked spending. the last four years saw republican governor he was wildly criticized for being dominated by the democratic majorities. democrats increased their veto proof majorities in both houses. so, illinois is now firmly in the hands of the democratic party and so are all the problems in illinois. the budget here hasn t been balanced since 2000. illinois has a back-breaking unfunded pension obligation currently $133.5 billion it should grow roughly $3 billion a year. it consumes more than 25% of the state budget. illinois has a credit rating just above junk bond status, the worst of any state in the nation. fitz rating says it all boils down to a alaska coherent fiscal policy making over many years.
lawmakers. he ordered the shutdowned a midnight on saturday. he s deadlocked with the democratic led legislature over funding for the state s largest health insurer. the idea that i didn t have any option is crazy. what are my options? when i don t have money at midnight july 1, i can t just go the hell with it, keep everything open. the shutdown has forced new jersey to close many public attractions this holiday weekend, including state parks and beaches. to illinois now. the crisis is even worse as the state starts a third year without a budget. but laichers are de it s a stal down ragrade the state s credit rating to junk bond status. reporter: the illinois budget disaster is sometimes a matter of life and death.
i want to update you. mentioned puerto rico now insolvent, that s a big uh-oh. gets a little arcane. the ratings agencies come out with a statement that say the nonpayment of this crucial debt, $58 million, an electric authority payment that was due. as a full debt service default. in other words there s no gray here. it s a moody s rating agency, that s a no-no. you don t do that. you re in deadult. which also means that mooys is greasing the skids for a downgrade, a credit downgrade that would likely put puerto rican debt at junk bond status. they ve not done that yet but that s northerlyamly the course of events. port reek tow co was 80 puerto rico fall into junk bond status. if it comes to pass. now take a look at this. what s your guess on your percentage of income that is
salary worker can earn but still be eligible for overtime pay. the current income limit is just a little more than $23,500. the plan now is to increase that to more than $50,000. the president says he will have more details later this week. well it s tuesday morning in greece. the country facing a deadline today to make a loan payment of more than $1.5 billion to international creditors. banks in greece are closed for the next six days while atm withdraws are restricted to about $67 a day. a national referendum will be held sunday on whether voters want the government to continue to negotiations with greece s international creditors. greece s credit ranking is a junk bond status with total debt exceeding $300 billion. another 5-4 vote by the u.s. supreme court. high court upholding the use of a controversial sedative in executions. the court ruling its use does