Illinois Budget Crisis About Illinois Budget Crisis Illinois, one of the US most populous states in the US is grappling with budget crisis. The state was lowered three steps above its junk by Fitch Ratings in the middle of a political stalemate that has left the state without a budget for the past four months.
Illinois Pension Crisis Illinois Pension Crisis-the Problem The story of Illinois pension has been on for more than 20 years. The Pension scheme in the state is characterized with many reforms aimed at putting the five state run government pension systems on sound footing. However, the reforms failed upon their implementation. Despite repeated efforts to
Pension Obligation Bonds Defining pension obligation bonds Public obligation bonds are taxable general pension bonds whose incomes are invested in a pension trust fund. It is a financial instrument that can reduce pressure on the government based on its cash status by substituting for the needed pension contributions. It can also offer cost savings if
Background of the Medicare Sustainable Growth Rate The Medicare Sustainable Growth Rate, SGR came into effect following the enactment of the Balanced Budget Act of 1997. Until April 2015 when the President signed the Medicare Access and CHIP Reauthorization Act of 2015, the Centers for Medicare and Medicaid Services (CMS) used SGR as a method
Background of the United States Debt Ceiling Crisis Debt ceiling refers to the maximum limit that Congress sets, allowing the government to borrow money in order to meet its financial obligations. Today, the current cap stands at $18.113 trillion. During the United States Debt Ceiling Crisis of 2011, Congress was engaged in political debate, to
An Overview of the United States Debt Ceiling The United States debt ceiling or the debt ceiling refers to the amount of money the U.S government can legally borrow to meet its obligations. The Senate and House of Representatives debate and agree on a figure that helps to tame the government expenditure. However, debt ceiling