Moody's has downgraded the state's credit rating from stable to negative, citing Illinois' overwhelming pension problems. State Treasurer Dan Rutherford says pension reform must be the legislature's top priority otherwise, there will be dire consequences. He's not worried about a potential pension solution winding up in court.
“If the reason we are having inaction is because we’re constipated because of fear of a legal challenge going to the Supremes, my attitude is: go for it," he says. "Put the best legal minds to it, figure out the best position for choice that we believe can pass constitutional muster, and put it out there."
The ratings agency also cited the state's hug backlog of unpaid bills as a major concern. Rutherford says a poor credit rating costs taxpayers more in the long run.
