Illinois dodges downgrade to 'junk'

Illinois dodged the dishonor of becoming America's first "junk" state when Moody’s said it wouldn’t downgrade the cash-strapped state and it finally passed its first budget in two years.

The Illinois budget deal, which includes a 32 percent tax hike, is expected to be enough to ease the state’s enormous financial pressures, according to CNN Money.

Illinois still has $15 billion in unpaid bills and a pension shortfall of $251 billion.

Read more from CNN Money.