Is Illinois Heading Towards Bankruptcy?

Dennis Byrne reports:

If Illinois were a country, it would be Iceland.

That's the country whose high-flying economy collapsed recently, the first to fail in the global economic slump. Crowds, angry at the government's failure to prevent the crisis, have taken to the streets and called for an immediate election.

Don't expect any mobs to show up in Illinois demanding the expulsion of our government for Illinois' fiscal mess. Illinois voters are so tolerant that the government could sell the state to the Outfit for a box of trinkets and no one would notice. Illinois voters have no reason to feel smug about letting conditions get as far out of hand as they did in Iceland.

Illinois is facing a budget deficit of more than $2.5 billion and its backlog of unpaid bills is $4 billion. But, unlike Iceland, Illinois can't blame the global collapse of the credit markets for its financial mess. This has been going on for years, and unlike Iceland, there's no German bank standing by to bail us out.

Do you want to lend money to the state of Illinois?