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Springfield, IL – Lawmakers say Illinois Governor Pat Quinn has been discussing borrowing $15 billion to soak up the state's pool of red ink.
The Democrat's administration has discussed massive borrowing as an option, but have not specified numbers. The Governor has yet to publicly outline his plan, but says the state has to do something.
"I won the election. I said what we have to do. We have to pay the bills. We have to invest in public safety, education," says Quinn. "I think we need to reform our tax system. Those are the elements of a good plan to get Illinois on solid fiscal footing for the year to come and for years to come."
Quinn budget spokeswoman Kelly Kraft says only that Quinn continues considering various options for dealing with a deficit that could top 15 billion dollars by June. They include a one percent income tax increase and "responsible borrowing.''
Large-scale borrowing faces a tough road. The Democratic-dominated Senate has been unable to scrape together enough votes to borrow three-point-seven billion dollars to pay this year's pension obligation.
Thanks to the Associated Press and Illinois Public Radio for this story.