Illinois is on the brink of financial collapse and not even the lottery is safe. Republican Gov. Bruce Rauner accurately warned that the state is even entering "banana republic" territory. Fox News reports:   

Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards. 

A top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments. Rauner is calling a special session of the Democrat-led General Assembly in a bid to pass what he hopes will be the first full budget package in almost three years.

And Illinois will – literally – lose the lottery if the budget fails. 

The state lotto requires a payment from the legislature each year. The current appropriation expires June 30, meaning no authority to pay prizes. In anticipation of a budget deadlock, the state already is planning to halt Powerball and Mega Millions sales. 

“It is disappointing that the legislature’s inability to pass a budget has led to this development and will result in Illinois lottery players being denied the opportunity to play these popular games,” Illinois Lottery Acting Director Greg Smith told Fox News.

“We’re like a banana republic,” Rauner said earlier this month, after the General Assembly failed, yet again, to pass a budget package by the regular session deadline. “We can’t manage our money.”

The governor has called for a special session starting Wednesday. The state so far is operating on a series of stopgap spending packages. 

But the problems are years in the making, caused in large in part by the state’s poorly funded pension system— which led Moody’s Investors Services to downgrade the credit rating to the lowest of any state. The state currently has $130 billion in unfunded pension obligations, and a backlog of unpaid bills worth $13 billion.

U.S. Sens. Dick Durbin and Tammy Duckworth, both Democrats from Illinois, declined to respond to Fox News’ request for comment on whether they would consider getting involved in introducing a measure allowing state bankruptcy.

Republicans are working on a new financial plan to buoy the state and prevent further chaos.

The plan will encompass elements of property tax relief, spending caps and term limits, according to the Fox report.

The point is that, much like Michigan, decades of Democratic control and corruption in the state's most populous areas have had a cumulative negative impact that will be difficult to reverse. 

"Illinois is the fiscal model of what not to do," Rep. Peter Roskam, R-Ill., said in an interview with Fox. 

"This avoidance in behavior toward dealing with our challenges is what leads to the devastating impacts we are seeing today."

Indeed.