State Owes $4 Billion In Unpaid Bills
By Hunter Clauss in News on Nov 14, 2008 8:15PM
Looks like the Thompson Center may see a mob of repo-men pretty soon. That’s because Comptroller Dan Hynes says the state’s backlog of unpaid bills could reach $5 billion by next year. According to the AP, Hynes sent out a letter to state leaders warning them of the fiscal crisis. “While it may have become a habit to dismiss my pronouncements as more of the same gloom and doom, the consequences of inaction are very real and potentially catastrophic,” Hynes said in the statement. He cautioned lawmakers that if nothing is done, state troopers might not be able to buy gasoline and food suppliers to state prisons will stop making deliveries.
So let’s get this straight. State leaders were previously warned about the billions of dollars in unpaid bills but wrote it off as “gloom and doom?” Well, that’s if you believe Hynes. But is “gloom and doom” some sort of codeword for “I don’t give a #$%^?” Try that with your bank. “Sorry, bank attendant, I’m not paying my bills because this just sounds like more ‘gloom and doom.’”
To make matters even worse, the Blagojevich administration estimates that the state will lose $800 million in income and sales taxes because of the weak economy. In response, lawmakers in Springfield are now considering taking money out of restricted funds as a stopgap measure. They’re also hoping the state’s last casino license will bring in some extra cash. But a permanent solution, which could include tax increases, is being put off until the new General Assembly is sworn in next year.
We know the General Assembly doesn’t have a great track record for acting quickly, but not coming up with a permanent solution for another month as the economy continues to tank is quite ballsy (or as the governor would say, “testicular virility”).
Image from the Friends of Dan Hynes website