Borrow $15 Billion?
- As the state's stack of unpaid bills grows, Gov. Pat Quinn is floating the idea of borrowing roughly $15 billion to alleviate the pressure, though taxpayers would be saddled with loan payments for years.
The governor has approached several lawmakers with a plan he's dubbed a "debt bond." While the name is somewhat redundant, the thinking is the state can pay back what it owes and plug its big budget hole — if only for a year.
Supporters say the outsize loan would provide instant cash to schools, doctors and social welfare agencies that have laid off workers and cut services as they await long-overdue payments.
A slow moving train wreck.
Labels: state politics