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Started By
Message
Illinois facing possible default on loan payments
Posted on 6/21/17 at 7:53 am
Posted on 6/21/17 at 7:53 am
From the State Comptroller's Office
Later she goes on to try to tamp the fear back down...
Anyone paying attention understands that's just boiler-plate CYA rhetoric because when you're a state and you're deficit spending over a half billion PER MONTH there's little chance things get reined in enough to divert you from the fiscal cliff that's coming. Just saying you're going to make paying the core debt payments a priority means you're looking seriously at having to make the choice of what gets paid and what doesn't and there's just no good way to spin that.
Pay attention, DC.
quote:
Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits and the potential disruptions that we face in addressing even our most critical core responsibilities going forward into the new fiscal year. My Office has very serious concerns that, in the coming weeks, the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed (albeit with extreme difficulty) despite an unpaid bill backlog in excess of $15 billion and growing rapidly.
quote:
We are effectively hemorrhaging money as the state’s spending obligations have exceeded receipts by an average of over $600 million per month over the past year.
Later she goes on to try to tamp the fear back down...
quote:
For the record, however, and as a message to the financial markets, please know that debt service payments will not be delayed or diminished going forward and I will use every statutory avenue or available resource to meet that commitment. It is a necessary pledge in order to attempt to avoid further damage to our already stressed credit ratings and to make possible the additional debt financing that we all know will be required to achieve some measure of stability going forward.
Anyone paying attention understands that's just boiler-plate CYA rhetoric because when you're a state and you're deficit spending over a half billion PER MONTH there's little chance things get reined in enough to divert you from the fiscal cliff that's coming. Just saying you're going to make paying the core debt payments a priority means you're looking seriously at having to make the choice of what gets paid and what doesn't and there's just no good way to spin that.
Pay attention, DC.
Posted on 6/21/17 at 7:58 am to Bard
quote:
Pay attention, DC.
Nah, just pay attention once the fireworks happen. I give it a couple of months before they formally default.
Posted on 6/21/17 at 7:59 am to Bard
Maybe she should set up a go fund me to bring in some out of state donations to help out.
Posted on 6/21/17 at 8:05 am to Bard
NO FEDERAL BAILOUTS! The progs in Illinois, including Obama, made their bed now let them lay in it.
Posted on 6/21/17 at 8:08 am to Bard
Government should get out of the retirement fund business. Why should my taxpayer's money go towards my neighbor's retirement? Boost their salary about a sixth and let them worry about their own retirements with their own money.
Posted on 6/21/17 at 8:15 am to Bard
It is why we need state citizenship. People shouldn't be able to freely leave their state after they wrecked their original one to go vote for the same shite in a good state.
Posted on 6/21/17 at 8:19 am to Revelator
quote:
So a government bailout?
If Obama were still President, definitely.
With Trump? Possible. It wouldn't shock me to see him use this as a negotiation tool in discussions with the Congressional tools in DC (specifically the Democrats). I look for him to use this as leverage for the AHCA, Wall or tax reform.
Posted on 6/21/17 at 9:07 am to Bard
If they just shine the Obama Bat signal into the sky, Obama will come in and save his state!!!! Obama has some cash he could donate...LOL .
Posted on 6/21/17 at 9:10 am to Bard
Apparently being hostile to business and hostile to whitey isn't a good recipe for establishing a sound tax base.
Posted on 6/21/17 at 9:30 am to zatetic
quote:
It is why we need state citizenship. People shouldn't be able to freely leave their state after they wrecked their original one to go vote for the same shite in a good state.
Currently what many Californians are trying to do to Texas
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