Illinois is in deep trouble: What investors need to know
From Fox Business: Illinois is locked in a political stalemate, and in danger of becoming the first U.S. state to have its debt downgraded to junk status. S&P Global Inc. threatened to take that action if Gov. Bruce Rauner and Democratic Speaker of the House Michael Madigan can’t agree on a package of spending and taxes by the start of the next fiscal year on Saturday. Below is a breakdown of what this unprecedented event would mean for everyone from individual investors to large Wall Street money managers.
Illinois debt is about to be rated ‘junk.’ What that means
From CNBC: Illinois is on track to become the first U.S. state to have its credit rating downgraded to “junk” status, which would deepen its multibillion-dollar deficit and cost taxpayers more for years to come.
Retailers sue to stop soda pop tax
From Crain’s Chicago Business: Industry groups are taking one last stab, this time in court, at blocking a controversial penny-an-ounce Cook County tax on sweetened beverages that’s scheduled to take effect July 1.
Madigan Demands of Rauner Signal Doom for Budget Deal
From US News: House Democrats are advancing legislation this week designed to get a budget deal by appeasing Republican Gov. Bruce Rauner on the tangential issues he’s demanded.
Illinois Lottery stops selling Powerball tickets after lawmakers fail to cut deal
From the Chicago Tribune: As of 9 p.m. Wednesday, the Illinois Lottery stopped selling Powerball tickets, and by 9:45 p.m. Friday it will stop selling Mega Millions tickets – unless and until lawmakers and the governor cut a deal to at least let the lottery pay out prizes for those games from cash it collects.
Senate Leaders Try to Appease Members as Support for Health Bill Slips
From the New York Times: Senate Republican leaders scrambled Sunday to rally support for their health care bill even as opposition continued to build outside Congress and two Republican senators questioned whether the bill would be approved this week.
S&P 500, Dow edge up; tech weighs on Nasdaq
From Reuters: The S&P 500 and the Dow barely rose on Monday as gains were offset by a fall in technology stocks, which pushed the Nasdaq lower as investors turned to more defensive sectors. The slow-growing, high-dividend S&P utilities .SPLRCU and telecommunications .SPLRCL were the best performers among the 11 S&P sectors.
The U.S. Has Issued New Visa Criteria For Six Muslim Nations
From Time: The Trump administration on Wednesday set new criteria for visa applicants from six mainly Muslim nations and all refugees that require a “close” family or business tie to the United States. The move came after the Supreme Court partially restored President Donald Trump’s executive order that was widely criticized as a ban on Muslims.