'Illinois lawmakers were in disarray Thursday as they groped for stopgap measures to address a $13 billion deficit equaling nearly half of the state's general-fund revenue... "We are lucky in that we still can borrow," Mr. Trotter said, noting that lawmakers responded to rating-agency concerns last month by reducing pension benefits and lifting the retirement age for new state employees to 67 from 60. Lawmakers also are weighing the idea of postponing pension payments... '
Southern Illinois University President Glenn Poshard told a Senate committee earlier Thursday. "We're owed right now, a number of public universities in the state, over $700 million by the comptroller. We simply do not have the ability to make up that money in a short period of time. So we need this borrowing to keep our universities working and to pay our people." ...The state owes its public universities more $700 million in appropriations for the current school year. The University of Illinois alone is owed $386 million and SIU is owed $104 million for its two campuses... The money isn't being paid because of a $13 billion state budget deficit and it isn't clear when that might change... "Here we are with a ticking time bomb once again and what's the solution? Borrow more money," Sen. Matt Murphy, a Palatine Republican, told colleagues before the vote. "We already owe more money per capita than any other state in the nation. Here's another effort to farm out our debt."'
No more. The council shut down the program Thursday because of a budget crisis created by the state of Illinois' failure to pay its bills.
Paralyzed by the worst deficit in its history, the state has fallen months behind in paying what it owes to businesses and organizations, pushing some of them to the edge of bankruptcy.
Illinois isn't bothering with the formality of issuing IOUs, as California did last year. It simply doesn't pay... Illinois' deadbeat reputation has created some embarrassing situations.
A supplier refused to sell bullets to the Department of Corrections unless it got paid in advance. Legislators have gotten eviction notices for their district offices because the state wasn't paying rent. One legislator said he had to use campaign funds to pay the telephone bill after service was cut off at his office.
...The practice of simply putting off payments became commonplace under ex-Gov. Rod Blagojevich... The strategy also may have been helped along by Illinois' "anything goes" political culture...
...Some schools have tried to shame Illinois into paying by posting signs announcing how much the state owes. The website IllinoisIsBroke.com details the state's financial mess...'
Gee, Madge, aren't these Democrat-controlled Utopias cool? But don't worry, I trust President Obama and his Chicago-slash-Beltway Machine completely to take better care of the United States economy. The whole Daley-Blago-Jarrett-Rezko connection to the utter destruction of Illinois is tenuous, I'm sure.