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(Tracy O / Flickr)

The fiscal cracks may be turning into floodgates as the state government approaches a fifth month without a budget. A major ratings agency on Monday dealt a blow to the state as a result of the inaction in Springfield. Has it emboldened either side to get off the sidelines and work together on a solution? Paris Schutz has the latest.

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Just why did the city's bond rating get downgraded to junk status by one ratings agency? A Moody's official speaks out. Paris Schutz has the details.

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Moody’s Investors Service has downgraded the credit ratings of both Chicago’s schools and parks, one day after its downgrade of the city’s debt to junk status.