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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.

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We speak with Mayor Rahm Emanuel about the Illinois Supreme Court ruling that found the 2013 pension reform law unconstitutional. What does that mean for Chicago’s pension reform? We’ll also ask him about the downgrading of the city’s credit rating to junk status and Obama Presidential Library coming to the South Side of Chicago. 

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