- Associated Press - Monday, January 4, 2016

OAK BROOK, Ill. (AP) - Gov. Bruce Rauner says it’s “very appropriate” for Illinois to borrow $480 million to pay for improvements to roads and bridges and other construction projects.

The Chicago Tribune reports (https://trib.in/1MPmhoU ) Rauner’s administration is set to issue general obligation bonds on Jan. 14.

Illinois has the lowest credit rating of any state in the U.S., which increases the state’s cost of borrowing money.

The state also is facing a multibillion-dollar budget shortfall, and the Republican governor and Democrats who control the Legislature haven’t approved a spending plan for the fiscal year that began July 1.

Rauner says it wouldn’t be appropriate to borrow money for day-to-day operations. But he said investing in infrastructure is “critical” to improving Illinois’ economy.

His office says the state has “sufficient dedicated revenues to cover the payments.”


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide