Thursday, June 29, 2017

Illinois Budget Woes Stop Lottery

Illinois Budget Woes Stop Lottery, Metamora Herald


 The State of Illinois has stopped selling lottery tickets because it no longer has enough money to continue operating the games. Powerball has stopped as of 9 p.m. Wednesday and the Mega Millions game will end Friday night. Ironically, a huge portion of the States income annually comes from lotto ticket sales. That money goes to our schools.
 If lawmakers can't reach a budget agreement by July 1st the state will also receive a "junk" credit rating by S&P Global Ratings. Illinois already has the distinction of being the state with the worst credit rating. Falling into junk status would also give our State the achievement of being the first state in the U.S. to do so. This could potentially spiral the State further into debt. Interest charges would increase and add to the already near 1 billion dollars in interest and late fees that it owes after three years of having no budget.

Sources:
http://www.upi.com/Top_News/US/2017/06/29/Illinois-cancels-lottery-sales-due-to-budget-crisis/2701498711399/
http://money.cnn.com/2017/06/27/investing/illinois-budget-crisis-downgrade-junk/index.html
https://www.bloomberg.com/news/articles/2017-06-28/illinois-is-in-a-6-billion-budget-hole-and-flirting-with-junk




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