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#Illinois SHAKY CREDIT

Credit ratings agency Moody’s Investors Service Thursday said the state is running the risk of defaulting on loans, cutting pension contributions and “long-term damage” to universities and social service providers if a permanent budget deal isn’t passed by May 31. In their report, Moody’s said the time for action is now, adding that Illinois could begin to quickly stabilize finances if the Democrats and Republican strike a deal. (Chicago Tribune)

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