restructured borrowing

State Comptroller Judy Baar Topinka, Treasurer Dan Rutherford, Senate Minority Leader Christine Radogno and House Minority Leader Tom Cross say it’s time Illinois paid its bills with the revenue it generates.

Governor Quinn has mentioned borrowing more money so Illinois can pay its bills. This has the called the "restructuring" of debt by Governor Quinn. Basically this means borrowing more money to pay the back log of bills and to address the pension crisis. The only, but major problem is that's its far too expensive to borrow money.
Illinois’ credit rating has sunk to 49th place by ratings companies Standard & Poor’s and Fitch, and the state is now dead last in the view of Moody’s.

Many efforts to implement more reforms and deeper budget cuts have been ignored or blocked by the majority party (Democrat) in Springfield. Many reforms have been introduced and held up including additional Medicaid and pension reforms which could save the state billions of dollars.

We have put forward a proposal that gives current employees options in an effort to stabilize our pension systems going forward. We have been meeting with interested parties this summer and hope to vote on a final product as soon as possible,” said Cross.

The four officials continue to offer to meet with Democrats at any time to find solutions.
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