The Chicago Public Schools district is proposing to borrow as much as $945 million for capital improvements.
Former Lt. governor and state senatorial candidate Sheila Simon wants state lawmakers to override Gov. Bruce Rauner's veto of a spending bill that would have funded social services as well as colleges and universities.
Fitch Ratings downgraded Chicago's credit rating Monday to “BBB-,” one notch above junk status.
Illinois' unpaid bill backlog reached $6.6 billion at the end of the 2015 calendar year, according to a report released Tuesday by Moody's Investors Service.
Six Illinois universities saw their credt ratings dropped by Moody's Investors Services due to the ongoing budget impasse.
During the fourth month of the budget impasse in Illinois, Fitch Ratings has lowered the state's credit rating by one notch.
Standard & Poor's Ratings Services dropped the Chicago Public Schools' (CPS) credit rating to junk status on Friday.
Fitch Ratings downgraded the Chicago Board of Education credit rating to junk Monday afternoon.
Chicago Mayor Rahm Emanuel is looking to borrow $1.1 billion in an effort to restructure the city's debt, a plan that will need approval from the city council.