Rauner authorizes $6B in borrowing to pay down state debt

By Tim Shelley   Sep 07, 2017

Gov. Bruce Rauner is issuing $6 billion in bonds to pay down a portion of the state’s more than $15 billion stack of unpaid bills.

“Illinois has been deficit spending for many years, resulting in a huge unpaid bill backlog. The state has been, in effect, borrowing from local service providers, including nonprofits and small businesses, because it takes months for them to get paid,” Rauner said.

Continue reading at…

Source – Week.com

***

Illinois Officials Push Governor Rauner to Sell Bonds to Cut Unpaid Bills

By Elizabeth Campbell   September‎ ‎5‎, ‎2017‎

Illinois officials are pushing Governor Bruce Rauner to sell bonds to pay bills left from the state’s record budget impasse, saying it would reduce steep interest penalties of as much as $2 million a day.

The spending package that the legislature enacted two months ago over Rauner’s veto authorized the state to issue as much as $6 billion of securities to cover bills that accumulated during a unprecedented two-year standoff over the budget.

Continue reading at…

Source – Bloomberg

***

Total State Debt: ranked from lowest debtor state (#1) to highest debtor state (#50)

Source – StateProject

***

Additional Data available at…

Source – USGovernmentSpending

***

Will Illinois Be the First State to Go Bankrupt?

By Martin Armstrong     October 20, 2015

The state of Illinois is in real trouble. The state employees have been bleeding the state dry and are demanding that they raise taxes so they can get theirs. This is the poster state for government employees expropriating private assets. Illinois must pay $560 million in November and they have said they will have to delay the payment to its pension funds. They will also delay payments due in December. We are on the verge of watching state bankruptcy. Once Illinois goes, others will follow to escape pension payments to former state employees.

Featured Image Courtesy of IWB article

Source – IWB (Archive Post)