Moody's slams Illinois pension 'paralysis' in rating cut

Crain's Chicago Business reports:

Another major credit rating agency downgraded Illinois for failing to resolve its $100 billion pension debt crisis. Moody's Investors Service lowered the state's credit rating to A3 from A2 and maintained its "negative" outlook. The New York-based firm said it “now assumes the government will not take action to reduce the state's pension liabilities any time soon.”

No word yet from Barack Obama on this story since he refused to advocate reform when he was a state Senator.