Progress Illinois

Quinn To Roll Out $1 Billion In Cuts Tomorrow
Gov. Pat Quinn will outline $1 billion worth of spending cuts tomorrow, which may include up to 2,600 layoffs across state agencies. Even if the legislature agrees to raise the income tax rate later this year, Quinn says the cuts are necessary and will stand.

State Bond Rating Downgraded
Fitch Ratings downgraded Illinois' general obligation bond rating by two notches yesterday, from "AA-" minus to "A," due to the legislature's failure to pass a budget that "addresses its spending needs and structural deficit."

130,000 Students Won't Find Financial Aid
With the financial aid well running dry, Illinois is poised to turn away as many 130,000 students -- primarily from community colleges -- who applied for assistance after a deadline held months earlier than in past years. To make matters worse, the shrinking community college grants follow major cuts to the Monetary Award Program, which has historically helped low-income students attend college. 

Another Spike In Foreclosures
A 30 percent spike in the number of Chicago-area homes hit with a foreclosure -- 63,573, or one in five homes -- was recorded during the first six months of 2009 compared with last year, according to RealtyTrac. Rising unemployment is considered a major factor in the rate increase. 

Illinois Fails Transparency Test
The watchdog group Good Jobs First gave Illinois' official stimulus website the worst ranking of all 50 states nation. It found that the site failed to provide any figures regarding how much money is being spent in the state.

Wal-Mart On Hold, Again
Ald. Dick Mell (33rd Ward) yesterday transferred an ordinance to approve a new Wal-Mart on Chicago's South Side from his Rules Committee to Ald. Ed Burke's (14th Ward) Finance Committee. A decision won't be made until after the city learns whether it's landed the 2016 Olympics bid, but Burke tells the Sun-Times, it's not going to be a snap decision in Wal-Mart's favor.  "They can build 14 stores here," he said. "All they have to do is make a commitment to the rights of working men and women in Chicago to organize." 

Image used under a Creative Commons license by Flickr user froboy.