S&P: Rauner's Refusal to Refinance Debt Brings “Heightened Vulnerability” to State
Chicago, IL – According to a new report by S&P Global Ratings, Bruce Rauner's refusal to refinance state debt is forcing Illinois taxpayers to pay the price and bringing “heightened vulnerability” to the state’s finances. Taxpayers are on the hook for $2 million a day in interest alone on unpaid bills.
S&P says by taking the commonsense step to pay state vendors with bonds, “the state may realize net fiscal savings which we believe Illinois can ill-afford to pass up given its weakened financial position.” The bill backlog is close to $15 billion, nearly triple what it was in June 2015.
“Bruce Rauner's damage is done after putting our state through a 736-day budget crisis and tripling our bill backlog, so it should come as no surprise that he would skip an opportunity to bring our state out of financial ruin,” said Pritzker campaign spokeswoman Jordan Abudayyeh. “This is a fiscal mess of Rauner’s own creating, and one he is either unwilling or unable to solve.”