Statement from the CEO on Gov. Quinn’s Additional Borrowing Plan

The Illinois Policy Institute opposes the $8.75 billion additional borrowing plan and recommends a three year spending freeze at $27 billion with all revenues over that level being allocated to paying down the past due debt owed to the state’s vendors

by John Tillman

The Illinois Policy Institute opposes Gov. Quinn’s proposed $8.75 billion additional borrowing plan.  We recommend a three year spending freeze at $27 billion with all revenues over that level being allocated to paying down the past due debt owed to the state’s vendors.  A comprehensive review of our proposals will be forthcoming when we issue our 3rd annual alternative budget, Budget Solutions 2012, in early March.

For now, please read this excellent analysis of why further borrowing is irresponsible from the Civic Federation’s Laurence Msall.