Illinois chief fiscal officer [Republican Treasurer Dan Rutherford] said Monday he is willing to dial up the bond houses and finance companies to alert them that lending the state more money, as Gov. Pat Quinn has proposed, would be a ‘major risk.’ . . . The backlog of unpaid bills will reach $8 billion by July, Comptroller Judy Baar Topinka recently estimated. Rutherford says the debt from past borrowing has soared to $45 billion in recent years, which amounts to $10,000 for every household in the state. As a result, Illinois has the second-worst credit rating in the nation, above only California, he added.
We need to borrow more money so we can pay down our debt!