Not only does Illinois have the dubious honor of being the birthplace of ACORN and the home to the worst president of all times, the home of Louis Farrakhan AND THE HOME TO 'YOU GOTS TO CHILL" they have a NEW honor of INFAMY. The WORST RUN state in the union:
By Law states can't go bankrupt BUT IF THEY COULD, Illinois is ripe and ready says the analysts... Good ole BLUE STATEs... We can always count on them for a laugh...
Illinois' financial situation is worse than any other state in the country according to a study by the National Conference of State Legislatures, with the state's budget situation called "tenuous at best." The state ended FY2010 in worse shape than any other state, with the state’s general fund balance at negative $4.7 billion, the lowest it has ever been.
Illinois owed $37.9 billion more than all of its assets combined, including cash, investments and property, as of July 1, 2010, according to a recent state audit.  Illinois has a total state debt of $120,743,173,392, when calculated by adding the total of outstanding debt, pensions and unemployment trust funds. 
Illinois state budget - Sunshine Review
Illinois Net Assets Fall $8.4 Billion - The Bond Buyer Article
Jack Ablin, chief investment officer for BMO Harris Private Banking in Chicago says, "Illinois is already dragging its feet on paying its bills, and this (national debt) is one further wrench thrown into its cash-flow problems
If Washington can't pay its bills, then the states will be cut off from the federal pipeline of funding. Some experts fear that if the impasse continues more than a few weeks some states and municipalities may be forced into bankruptcy. To this point, Illinois Governor Pat Quinn has said that a national default would be “cataclysmic” for the United States. He went on to say that anything that causes federal funding to dry up for Illinois would be “Armageddon” for the Land of Lincoln.
Needless to say, Illinois is in the worst, most delicate financial position of any state and this whole crisis is particularly acute in the state the president calls home.