Illinois $4 billion behind in paying vendors
By Illinois Public Radio
Springfield, Ill. – The state of Illinois is $4 billion behind in its bills, and vendors are facing a three-month payment delay.
State Comptroller Dan Hynes said the economy is only partly to blame.
"It's been the result of bad budgeting, bad practices for many years coupled with an economy that has put us all in a bad position," Hynes said.
Hynes is asking state leaders to change the law so Illinois can borrow money to meet its obligations.
He said if the problem isn't addressed soon, suppliers might stop doing business with the state or be forced to close.
A spokesperson for Governor Rod Blagojevich said short term borrowing could help the problem, and his staff is reviewing the comptroller's proposal.