Report: Quinn Seeks To Borrow For State’s Bills
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SPRINGFIELD, Ill. (WBBM) – A new report says Gov. Pat Quinn has a proposal for dealing with some of the states huge number of unpaid bills.
As WBBM Newsradio 780’s Bob Conway reports, the plan involves borrowing about $15 billion to reduce the amount of money owed to schools and numerous individuals and agencies.
LISTEN: Newsradio 780′s Bob Conway Reports
The Chicago Tribune reports taxpayers would be saddled with loan payments for years. But supporters say the approach would be cheaper in the long run, since the state will pay less in interest than it is now paying to those service providers in the form of late penalties.
As for repaying the loan, the newspaper says it might require an income tax increase of one to two percent, if state lawmakers offer their approval. Quinn’s past calls for an income tax hike have failed.