• Chicago Sun-Times: 'Our state is $120.6 billion short':
[Illinois] papered over our annual budget deficits by borrowing, just as many people put off the day of reckoning by using credit cards. But the state now owes $85 billion in bond IOUs -- promises we've made to "pay later with interest." Our credit -- the ability to borrow -- has about maxed out. So we're not paying our bills. Not someday in the future but right now...
...Comptroller Dan Hynes, said recently the state owes $5 billion to schools, universities, child-care centers and rehab centers around the state. He calls it "obscene," telling the New York Times: "This is not some esoteric budget issue; we are not paying bills for absolutely essential services."
• Daily Herald: Libertyville driver's license facility may be evicted:
A popular driver's license facility in Libertyville could be forced to close if the state doesn't pay four months in back rent within 45 days, the landlord said... Stephen Martin, whose family owns the Brookside shopping center on the 300 block of Peterson Road that houses the Secretary of State office, has sent a letter to state officials saying he wishes to terminate the lease agreement because of the long-overdue payments. Martin said the state owes him nearly $43,000 in back rent and expenses.
• Galesburg Register-Mail: School officials skeptical of federal funding assistance:
The $415 million Illinois school districts will receive from the federal government to help save teachers’ jobs is meant to provide cash-strapped districts some relief... But while local districts would welcome the assistance, some are skeptical about whether that money will actually materialize, especially since the state still hasn’t made payments from last fiscal year...
• Chicago Breaking News: Immigrant groups ask state to pay its bills:
A coalition of immigrant social service groups today called on state officials to pay the $7.4 million the groups are owed... The dozens of mostly community-based organizations that provide social services to immigrants are in the same boat as other Illinois vendors. The state owes more than $4.2 billion in unpaid bills, according to the Illinois comptroller's office...
...A survey conducted by the Illinois Coalition for Immigrant and Refugee Rights found that of 42 immigrant groups polled, 22 won't be able to pay employees past October and could shut their doors.
• Peoria Journal-Star: State owes $2.2 billion to feds for unemployment benefits:
Illinois has borrowed more than $2.2 billion from the federal government since July 2009 to pay unemployment benefits.
The good news is the state has not had to borrow since April, and the loan is interest-free for now... “We really do access it as needed. It’s a day-to-day decision, five days a week,” Illinois Department of Employment Security spokesman Greg Rivara said Thursday.
• FavStocks: Pension System Responds to 'Death Spiral' Comments:
Please remove your post of Tyler Durden’s inaccurate analysis of the Illinois Teachers’ Retirement System. It is not excellent. It is wrong... TRS is not in a death spiral. We’ll still be operating and paying pensions for years to come.
We could potentially sell $3 billion in assets if the Illinois General Assembly does not come up with its annual contribution to TRS. The state owes us $2.35 billion...
Now for the palette cleanser: the same posse of geniuses running Illinois are now controlling the entire federal bureaucracy.