Illinois mired in financial crisis
Illinois is mired in financial crisis with a $13 billion deficit and an eye-popping backlog of unpaid bills from vendors who provide goods and services to the state, including school districts, utilities and landlords who lease buildings.
As Illinois battles with the country's second-largest state budget deficit--some $13 billion--its treasurer, Dan Rutherford, told CNBC Tuesday that bankruptcy, an idea being floated to close budget gaps, would disrupt the bond market and break trust with vendors who do business with the state.