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Illinois could get downgraded to junk despite budget deal
CNN: Illinois may still get slapped with a "junk" credit rating despite nearing a breakthrough that would end the state's two-year budget nightmare.
Moody's warned on Wednesday that it may downgrade Illinois's credit rating because the proposed budget and accompanying tax increases don't fix the root causes of the state's epic financial mess.
A downgrade would make Illinois America's first state with a junk credit rating and could make its recovery efforts even harder by causing borrowing costs to rise.
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