Crain's Chicago Business: What the Supreme Court's new majority means for Illinois' fiscal mess

With a new majority set to take control of the U.S. Supreme Court, it's time to look forward and consider how it may ultimately resolve Illinois' long-running fiscal crisis. As it did with its recent landmark ruling on public-sector unions, the court could have the deciding say on a number of state issues.

First, suppose Illinois amended its constitution to delete or soften its pension-protection clause and proceeded to cut pension benefits. Public unions would sue in federal court, they've said, based on violation of the Contracts Clause of the U.S. Constitution.

Or suppose Congress amends the bankruptcy code to allow bankruptcy for states. That's not far-fetched. Gov. Bruce Rauner spoke openly about it last year, saying he had a bill ready to go. If it passed, a constitutional challenge would be certain.  Click here to read more...