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Moody’s downgrades ComEd credit to “junk” status

Tuesday, Mar 27, 2007 - Posted by Rich Miller

Somehow, I missed this one today…

The credit rating of Illinois’ largest power supplier was downgraded to junk status today as state lawmakers haggle over a proposed electric rate freeze.

Moody’s Investor Services says Com-Ed has become a credit risk for investors because of the potential for a renewed electric rate freeze.

The debt rating agency downgraded the credit rating of Ameren Corporation’s Illinois utilities earlier this month because of similar concerns.

The Senate is considering legislation to bring ComEd into the rollback and rate freeze bill that had been exclusively applied to Ameren, which has an extremely angry customer base right now. That bill led to Ameren’s credit downgrade, and it appears the same thing is happening to ComEd.

As of yesterday, negotiations on what to do about electric rates were ongoing and nothing new was reported. Senate President Emil Jones has indicated to insiders that he wants to have an agreement by the end of this week for substantial rate relief or he’ll send the freeze bill over to the House. This downgrade news ought to spark some interest at the Statehouse.

  24 Comments      


Protected: SUBSCRIBERS ONLY - Exclusive: Copy of gross receipts tax draft language (use all caps in password) *** [Bumped to the top]

Tuesday, Mar 27, 2007 - Posted by Rich Miller

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Question of the day

Tuesday, Mar 27, 2007 - Posted by Rich Miller

Setup

For the third time in recent years, legislation offered in Illinois calls for bringing an end to split speed limits on the state’s interstate highways.

Rep. Robert Flider, D-Decatur, and Sen. John Sullivan, D-Rushville, have taken up the battle to eliminate the provision that set up slower speed limits on rural interstates for vehicles weighing more than 8,000 pounds.

Currently, those vehicles are required to travel 10 mph below the 65 mph speed limit for other vehicles. If approved, the new rule would clear all vehicles to drive 65 mph.

Gov. Blagojevich vetoed the bill in 2003 and 2004…

Blagojevich said at the time he fears that faster trucks would mean bloodier accidents because the force of impact is stronger the faster a vehicle is traveling, The Associated Press reported.

But Flider disagrees…

“Studies have shown that uniform speed limits are safer in many instances. There are occurrences of a car driver coming upon a truck and suddenly realizing that truck is driving a lot slower. That can create some challenges on a busy highway, Flider said. “It seems to me, and I think studies have concluded, uniform speed limits actually would be safer as long as everybody follows the speed limit.”

Question: Which side are you on and why?

  36 Comments      


Pro-life pharmacist says he’ll appeal to supremes

Tuesday, Mar 27, 2007 - Posted by Rich Miller

Even after being denied relief by two courts, a pro-life pharmacist looks like he’ll never give up

An Illinois pharmacist says he’ll appeal to the Illinois Supreme Court after his lawsuit challenging the morning-after pill was dismissed.

Luke Vander Bleek of Morrison filed suit in 2005 after Gov. Rod Blagojevich issued an executive order essentially forcing pharmacies to dispense so-called Plan B birth control pills. […]

He says that pregnancy isn’t a medical problem and therefore shouldn’t be terminated with drugs. […]

Vander Bleek’s lawsuit to block Blagojevich’s order was denied by the 4th District Appellate Court last week by a 2-1 vote. A Sangamon County court previously had done the same. […]

“Mr. Vander Bleek can appeal if he wants — that’s his right,” she said. “But the outcome will not change. There is no provision in our laws that will let a pharmacist deny a patient access to healthcare.”

Thoughts?

  35 Comments      


Repubs hope to generate more interest

Tuesday, Mar 27, 2007 - Posted by Rich Miller

I would suppose that any interest they could generate couldn’t hurt, but the Tribune’s headline wasn’t all that helpful to the GOP: State Republicans grasp a straw poll

Illinois Republicans are trying to rejuvenate interest in their party by considering a non-binding presidential straw poll that would be held at this summer’s state fair if a Democratic-backed plan to move up next year’s primary date succeeds.

The move by the state GOP comes as top Republicans have begun aligning themselves with various presidential campaigns, reflecting the hurried race for the White House that formally begins with the Iowa caucuses in January.

“We’re in the early stages of trying to put something together,” state GOP Chairman Andy McKenna said. “The whole notion of a Republican [presidential] primary in Illinois is helpful in terms of what we’re trying to do, in helping Republicans think about why they’re Republicans in the first place.”

And I think this next part is exactly right…

But some believe Obama would face little challenge in a favorite-son bid to win Illinois delegates to the Democrats’ national nominating convention. Instead, the focus in Illinois might be on a GOP presidential field seeking the state’s Republican nominating delegates.

Also in the story is the revelation that House GOP Leader Tom Cross will serve as Rudy Giulianni’s state campaign chairman. Rep. Jim Durkin has already signed onto the McCain campaign, bringing several legislators with him.

Anyway, what do you think of this straw poll idea?

* Meanwhile

DuPage County Republican leaders plan to meet April 15 to vote in state Sen. Dan Cronin as the new county GOP chairman, said the current chief, state Sen. Kirk Dillard, Monday.

  13 Comments      


Small, targeted buy for biz TV ad, and the BN-D does it again *** Updated x1 ***

Tuesday, Mar 27, 2007 - Posted by Rich Miller

* It’s a pretty small buy, most likely intended to just generate some interest, but big business groups are now up on Downstate TV with a new ad against the governor’s gross receipts tax.

A 30-second spot, sponsored by the Illinois Coalition for Jobs, Growth and Prosperity, is set to run on stations in Springfield, Champaign, Bloomington and Peoria. In it, three businessmen talk about how the proposed levy would harm their companies and their customers. […]

Greg Baise, president of the Illinois Manufacturers’ Assn., a coalition member, declined to say how much TV time the group has purchased but said it would be “enough to get the attention” of state legislators watching television during their evening hours in Springfield.

Mr. Baise said the spot, or others, eventually will air on cable TV and radio in Chicago. Given the cost, however, the ad is not likely to appear on Chicago broadcast television, where a series of pro-tax ads funded by unions and the Illinois Hospital Assn. have been running.

And here’s the ad. Rate it in comments below…

* Meanwhile, a day after calling the governor “Comrade,” the Belleville News-Democrat publishes an Op-Ed by the headmaster of somthing called Governor French Academy in Belleville that claims Blagojevich is a “French socialist mole.”

You may think that his name is Rod, but the governor’s recent tax hike proposal makes it quite clear that his name is actually “Pierre.”

So how did our great Midwestern prairie state get a Frenchman as its chief executive? The answer is simple — Pierre Blagojevich is a French socialist mole whom the perfidious French government sneaked into the U.S. years ago to change our American free economy into French socialism.

* Democratic Sen. AJ Wilhelmi is not all that excited about the GRT…

The tax could wipe out small business profits, be passed on to consumers, or force some businesses to leave Illinois, Wilhelmi said. He added that he has “grave concerns” because the 1.8 percent gross receipts tax is not transparent. It won’t appear on any receipts and will be built in to the cost of products.

* More budget stuff

* Jones aims to derail Meeks tax swap plan

* Alternative tax bill looks stalled

* Governor calls business tax increase a moral issue

* Editorial: This just in, God favors higher taxes

* Editorial: Kudos to Flider for opposing Governor’s tax plan

* Chamber opposes Governor’s GRT

*** UPDATE *** Oops. I forgot to post this. From a press release…

Low-income, working families in Illinois are hit harder by the income tax than those in most other states. The income level at which Illinois families must begin paying taxes is among the lowest and worst in the country, according to the Center on Budget and Policy Priorities.

“Families earning less than the poverty level still must pay income taxes in Illinois, which means they struggle to provide for their children,” said Jerry Stermer, president of Voices for Illinois Children. “Illinois can do better by increasing the state Earned Income Tax Credit so that low-income families can keep more of what they earn and give their children a better future.”

Illinois begins taxing a two parent, two children family of four when they earn just $15,600, nearly 25 percent below the federal poverty level of $20,615. A single-parent, two children family of three is taxed at $13,600, below the poverty level of $16,079, according to the report. Illinois is one of only 15 states that tax three-person families in poverty and one of 19 states that tax four-person families in poverty.

One way to strengthen working families is to increase the Illinois Earned Income Tax Credit (EITC). Nearly 765,000 low-income, working families benefited from the Illinois EITC last year. But because the Illinois EITC is set at only 5 percent of the federal EITC, the maximum amount a family can receive is about $220, the lowest in the nation.

The study can be found here [pdf file].

  40 Comments      


Morning Shorts

Tuesday, Mar 27, 2007 - Posted by Paul Richardson

* Superintendent of state lottery dies; Carolyn Adams remembered

* Sun-Times Editorial: It’s time to authorize civil unions

Couples should be allowed to care for each other no matter what their sexual orientation — not in opposition to the law, but with its full support.

* Trice: Forclosure remedies must include lenders

* Lawmakers vow to save CeaseFire violence reduction program

* States say ‘No’ to teen tanning

* Proposed car-smoking ban angers foes of ‘nanny’ laws

* Sanchez: Some perspective on vaccine against cancer

* Bill to split U-46 school district is dead

“It’s buried,” said State Sen. John Millner, a Carol Stream Republican, who sponsored the bill. “The people who are lobbying against it, they don’t want a live bill out there.”

* Henry Hyde donates his memorabilia

* Levine and other questioned about deal in Chicago’s Gold Coast

* Legislation would take away teen drinkers’ licenses:

But House Bill 3131 proposes that terms of the supervision also include suspending the underage drinker’s license for three months, even if the teen was not in a car.

* Radio clips: FutureGen bill, TB cases down

* Orr says election will be smoother

* 18th ward challenger might resume run; becoming confusing

* Schoenberg: Merit or politics at SMTD?

* Carbondale Mayoral Candidates debate:

A consistent disagreement between Cole and Simon was spending. Simon encouraged conservative spending while Cole insisted the city has seen enough revenue increase to support some expenditures, particularly in adding personnel.

* Cole pulls campaign link from city website

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« NEWER POSTS PREVIOUS POSTS »
* Pritzker calls some of Bears proposals 'probably non-starters,' refuses to divert state dollars intended for other purposes (Updated)
* Isabel’s afternoon roundup
* Friends of the Parks responds to Bears’ lakefront stadium proposal
* It’s just a bill
* Judge rejects state motion to move LaSalle Veterans' Home COVID deaths lawsuit to Court of Claims
* Learn something new every day
* Protect Illinois Hospitality – Vote No On House Bill 5345
* Need something to read? Try these Illinois-related books
* Illinois Hospitals Are Driving Economic Activity Across Illinois: $117.7B Annually And 445K Jobs
* Today's quotables
* Open thread
* Isabel’s morning briefing
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* Yesterday's stories

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