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Consequences will be felt for years to come. >> reporter: the double-notch downgrade came after it was determined that the state could not degrade or default on its pension operation and thereforethe ruling extends to the city making the financial crisis the new republican gorn governor says the city cannot back up the crisis. >> we dont have enough money to bailout the city of chicago. its not an option. >> reporter: mismanaged for years, an investigation by "the sun times" claims shortages wer...