Sullivan to re-introduce borrowing plan
4 months ago
A Sullivan-proposed $6.2 billion borrowing plan did not pass in 2011
From pantagraph.com: Despite repeated failures, Democrats again are considering a multibillion-dollar loan to pay down the state’s backlog of past-due bills, now hovering at a near-record $9 billion.
Republicans, led by State Comptroller Judy Baar Topinka, continue to resist the short-term loan idea as a way for Illinois to pay down stacks of invoices overdue by as much as four months to businesses, charities and local governments performing some of the state’s most essential services.
But an influential Senate Democrat, John Sullivan, is working on a borrowing proposal to re-introduce in this spring’s legislative session. A House budget leader, Rep. Frank Mautino, said a loan would mean “tremendous’’ savings and should be part of upcoming budget negotiations with Gov. Pat Quinn.
Sullivan, a Rushville Democrat, says paying bills is the principled thing to do.
“We’ve asked schools to educate our children. We’ve asked different companies that provide goods to the state — whether it is health care or office supplies — we’ve asked them to provide that service, and now we’ve said ‘Oh and by the way, we’re not going to pay you,’’’ Sullivan said. “That’s just not morally right.’’
Sullivan hasn’t settled on a proposed figure to borrow.