Jun 28, 2017

Illinois is sitting on $14.6 billion worth of unpaid bills

Seth Perlman / AP

Illinois hasn't paid its bills in two years and it's now facing a $14.6 billion (and counting) debt that is directly affecting the state's hospitals, schools, and state employees.

The state's partisan politics have made it impossible to settle on spending issues and term limits, ultimately leaving Illinois without a proper budget these past two years. The Democratic comptroller predicts the state will owe at least $16 billion in unpaid bills, per WSJ, and on top of that, Illinois hasn't paid its state utility bills to Springfield yet.

Why it matters: Illinois' financial situation is quickly becoming one of the worst in the nation. Moody's Investors Service estimated that the state has an estimated $250 billion in unfunded pension liabilities, per WSJ, on top of its other issues. Furthermore, the state's rating could be lowered to junk "as early as this week," the Journal notes.

The numbers:

  • The two hospital systems in the state's capital are owed a collective $220 million
  • Illinois owes the state's dentists approximately $225 million (with bills going back 23 months)
  • Another 10-hospital network is owed $115 million (with bills going back 10 months)
  • Since 2015, there's been a $2 million decrease in the state's sales-tax revenue
  • State funding for schools have dramatically decreased: Since 2015, Eastern Illinois University received approx. $53 million less than it normally would — and student enrollment and university employment has decreased because of it.
  • A $40 million project that will rebuild roads in Urbana is going to be halted on June 30
  • 90% of the state's counties lost residents since 2016 (37,508 people left last year), dramatically reducing its tax base

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World coronavirus updates: Spain's health care system overloaded

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Two planes with protective equipment arrived to restock Spain’s overloaded public health system on Wednesday as confirmed cases surpassed 100,000 and the nation saw its biggest death toll so far, Reuters reports.

The big picture: COVID-19 cases surged past 900,000 and the global death toll surpassed 45,000 early Wednesday, per Johns Hopkins data. Italy has reported more than 12,000 deaths.

Go deeperArrowUpdated 57 mins ago - Health

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 926,095 — Total deaths: 46,413 — Total recoveries: 193,031Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 209,071 — Total deaths: 4,633 — Total recoveries: 8,434Map.
  3. Business updates: Very small businesses are bearing the brunt of the coronavirus job crisis.
  4. World update: Spain’s confirmed cases surpassed 100,000, and the nation saw its biggest daily death toll so far. Over 500 people were reported dead within the last 24 hours in the U.K., per Johns Hopkins data.
  5. State updates: Florida and Pennsylvania are the latest states to issue stay-at-home orders — Michigan has more than 9,000 confirmed cases, an increase of 1,200 and 78 new deaths in 24 hours.
  6. Stock market updates: Stocks closed more than 4% lower on Wednesday, continuing a volatile stretch for the stock market amid the coronavirus outbreak.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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