It’s been two months since Illinois government finally passed a full budget. Legislators hoped that would accelerate the payment of overdue bills. But the governor’s office is holding that up.
The math seems pretty simple: Illinois is paying interest penalties of 12 percent on some debt. But like refinancing a home mortgage, we could borrow to pay that off at closer to 4 percent.
Gov. Bruce Rauner, however, doesn’t seem to like that idea.
“Just more borrowing — in and of itself, without a plan for repayment — would be a huge mistake.”