First off, let's look at some of the ugly details. Illinois finally did pass a budget Thursday evening, ending a two-year impasse. But the damage is still massive as the state has $15 billion in unpaid bills. It has a staggering $251 billion in unfunded pension liabilities, in a widely quoted and accepted figure according to the Illinois Policy Institute. And in what may be the most obvious public embarrassment, Illinois even suspended its participation in the the Powerball and Mega Millions lotteries because it couldn't guarantee its share of the jackpot payouts.
