See: Illinois deep in debt, doesn’t pay bills
Paralyzed by the worst deficit in its history, the state has fallen months behind in paying what it owes to businesses and organizations, pushing some of them to the edge of bankruptcy.
Illinois isn't bothering with the formality of issuing IOUs, as California did last year. It simply doesn't pay.
Think about that.
That is not a small thing.
All of those vendors that are not being paid have employees that may soon be out of a job because their employers can not get paid.
How many other State and City governments are going to have this problem? How many people will lose their jobs, their careers and their life savings when their employer's government customers fail to pay their bills?