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Democrats Still Looking to Borrow to Pay Down Backlog of Bills
(IRN)-Illinois' treasurer has threatened to make it more expensive for the state to borrow money, but that's not stopping Democrats from crafting several proposals to address overdue bills.

The treasurer said he would call bond companies himself to warn against lending the state money, but State Senator John Sullivan (D-Rushville) says borrowing is hands down the best way to pay late bills in a timely fashion, otherwise it could take a few years to pay down the backlog.

"Of course the consequences of that are, businesses that are waiting on this money that we owe them, they're going to lay people off," says Sullivan. 'They've been to the banks to try to borrow money, and that line of credit has dried up."

Sullivan says any bonds issued would be paid back over seven years. He's introduced several bills to address different areas, which means lawmakers could approve borrowing to pay some bills, but not others. Sullivan hopes to call his measures for a floor vote this week.

The measures are SB 342, 343, 344 and 345.

(Source: Illinois Radio Network)
05 25 11 by Newsroom
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