Illinois has hit a cash flow problem and will not be ably to make its monthly pension payment in November and possibly December. The state's inability to cover its expenses has some asking the question: will Illinois run out of money?
Fiscal watchdog The Civic Federation recently released this analysis of the state's revenue. It clearly explains why Illinois will not technically run out of cash but is nevertheless facing some serious budget problems. I sat down with Civic Federation president Laurence Msall to talk about the state's checkbook and the fallout from the ongoing budget impasse.