Comptroller Says Illinois Debt is now $52 Billion
Springfield, Ill – Illinois comptroller Dan Hynes warned Monday that the state's pattern of taking on debt to pay for operations is dangerous.
The state's total outstanding debt has grown to nearly $52 billion, according to a report released by the Democratic comptroller.
That number includes $10 billion in debt the state took on last year in a complicated pension bond plan to cut a huge pension debt backload and pay some immediate operating expenses.
Hynes says he sees Governor Blagojevich's increased borrowing as a way to push the state's financial problems off to the future.
Blagojevich defended the borrowing, saying it was necessary to pay off obligations from the previous administration.