Springfield, IL – Governor Pat Quinn has signed a new Illinois budget that will borrow heavily and let bills go unpaid in order to keep state government running. The state will borrow about $3.5 billion to spend on routine government services, while not paying the more than $3 billion it owes to businesses. However, the budget reduces spending by about $2 billion with more cuts possible later this year.
Critics say the budget just digs the state deeper into its financial hole. But Quinn and other supporters argue that it ends a deadlock that threatened to shut down state government.