Ill. gov looks to refinancing for overdue bills
CHICAGO (AP) — Illinois Gov. Pat Quinn's budget director says the governor wants to work with lawmakers on a refinancing plan to pay down some of the state's $8 billion in overdue bills.
Jerry Stermer told the House Revenue and Finance Committee Thursday that Quinn in the coming weeks will present lawmakers with a proposal for refinancing some of that debt.
The governor's office later suggested Stermer overstated the progress and said there was no new plan in the works. Quinn's office says the governor is interested in working with the General Assembly on the issue.
As part of its massive budget quandary, Illinois has been months late on bills, forcing many nonprofit agencies that do work for the state to fire staff, borrow money and delay paying salaries.