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Hynes: Illinois is A "Deadbeat State"

By Chuck Sudo in News on Dec 20, 2010 3:00PM

We all know about the Gordian Knot that is Illinois' budget deficit. But the Land of Lincoln is not alone in having to deal with a deficit. A "60 Minutes" segment last night focused on the current and looming financial meltdowns in Illinois and other states.

But Illinois, along with New Jersey, was particularly singled out for their budget messes. Watching state Comptroller Dan Hynes tell "60 Minutes" correspondent Steve Kroft stories about how some legislators have been kicked out of their offices because the state can't pay their rent; state police turned away from gas stations because the owners won't accept state-issued credit cards; and small business owners and non-profits stretching their credit lines and dipping into their own pockets to stay afloat while waiting for the state to pay them should put the budget crisis into stark focus for those few who think that band-aid fixes like expanding casinos may serve as a cure-all. Because it won't. Hynes's money quote: "Illinois is a deadbeat state." Prominent financial analyst Meredith Whitney, who was also interviewed for the segment, called out states' lack of pro-active urgency in dealing with the whirlwind we're currently reaping and saying that we could be seeing bond defaults within the next twelve months.

Below is the full segment.