As we are all too painfully aware, the past several weeks have been beyond crazy.
Congress and the president took the nation to the brink of default. Standard & Poor's lowered the federal government's credit rating by a notch. The markets devolved into a swooning bipolar frenzy. And the political rancor emanating from Washington, DC, showed no signs of abating.
I focus on state politics, however, so I've been trying to keep a close eye on how all this insanity would impact Illinois. S&P lowered the federal credit rating, but bond interest rates actually dropped in response. That wouldn't be the case for a state such as Illinois, which is far more sensitive to ratings changes than the feds apparently are. If Illinois is downgraded yet again, then the interest rates the state pays would undoubtedly rise, costing taxpayers hundreds of millions of dollars that they don't have.