One week ago, Illinois state comptroller, Susana Mendoza, gave a detailed explanation in her letter to Gov. Rauner and members of the state legislature - two parties that have been locked in a nearly three year long confrontation, preventing them from agreeing on a state budget - explaining why Illinois was on the verge of total collapse.
Authored by Patrick Buchanan via Buchanan.org,
If Gov. Bruce Rauner and his legislature in Springfield do not put a budget together by Friday, the Land of Lincoln will be the first state in the Union to see its debt plunge into junk-bond status.
Illinois has $14.5 billion in overdue bills, $130 billion in unfunded pension obligations, and no budget. “We can’t manage our money,” says Rauner. “We’re like a banana republic.”
The White House has released its official statement with regard the CBO score, noting their "consistently inaccurate" and pointing out that "we know the facts."
Following a Tweet right after the release of CBO's official score of the House Healthcare Bill...
The White House issued a full statement on CBO Healthcare Report
The CBO has consistently proven it cannot accurately predict how healthcare legislation will impact insurance coverage.
The CBO has scored the Senate version of the healthcare bill, which was passed by the House as H.R.1628, and found a few more modest improvements relative to its scoring of the Healthcare Bill as of May 24 . Here are the apples to apples comparisons with the last proposed version of the bill:
One of the primary reasons why GM files for bankruptcy back in 2009, much to the chagrin of the Obama administration not to mention the company's creditors, was because its pension and retirement benefits had become untenable (ignoring that the GM bankruptcy inverted the liquidation analysis on its head with bondholders crammed down at the expense of unions and pensioners who are a much bigger portion of the US voting population than a few bondholders on Wall Street).