Posted on 10/10/2017 11:47:54 AM PDT by SeekAndFind
John O'Connor of the AP has just broken the news that the unpaid bills of the Great State of Illinois have reached the awe-inspiring sum of $16.5 billion.
Illinois is chasing a moving target as it tries to dig out of the nation's worst budget crisis, and a review obtained by The Associated Press shows $7.5 billion worth of unpaid bills – as much as half the total – hadn't been sent to the official who writes the checks by the end of June.
Although many of those IOUs have since been paid, a similar amount in unprocessed bills has replaced them in the last three months, Comptroller Susana Mendoza's office said Monday. That's in addition to $9 billion worth of checks that are at the office but being delayed because the state lacks the money to pay them.
Various bureaucratic tricks are being performed to slow down payment, but they all amount to stiffing the vendors, borrowing their capital at no immediate cost.
In some cases, agencies were waiting to send their receipts to Mendoza because lawmakers haven't approved the spending. For example, the Department of Corrections had $471 million in unpaid bills on hand as of June 30 largely for that reason.
"Ascertaining the precise nature of the state's past-due obligations and liabilities is an essential component of responsible cash and debt management," the Democratic comptroller wrote in a letter to Republican Rep. David McSweeney, a budget hawk from Barrington Hills who requested the review.
O'Connor covers the maneuvers going on to the finesse the problem away, none of which will solve it.
(Excerpt) Read more at americanthinker.com ...
DemocRat fingerprints -— everywhere. Say no more.
This will be a lesson in what to look for regarding California and the U.S.
They can only hide the situation for as long as it is within their power to hide it. Kinda like Venezuela did. But it won’t unravel here as it did there. Way different culture.
Maybe they can borrow some money from Puerto Rico.
I’m sure the many Democrats in IL will be happy to allow the State to confiscate their Cash and Property.
For the greater good.
Reality is reality.
It will unravel here just in a very different way.
Because we are armed.
public workers in Wisconsin ought to be profusely thanking Scott Walker for saving the retirement
Too big to fail?
When they are declared insolvent, the federal government will open it’s fat wallet and make your grandchildren even more destitute than they are already fated
Republicans blamed. Oh, wait, are there Republicans in state government?
Sooner or later, you run out of other peoples money. Then you become Venezuela.
ILLINOIS is reaping the whirlwind of legislation that redefined marriage between a man and woman, changed the designation of sex on birth certificates, and declared a baby in the womb as nonhuman.
GOD will not be mocked.
gosh... if only a hurricane would devastate illinois, then they could rebuild at taxpayers expense.
time for the state to liquidate assets.
All Illinois needs to do is have a lottery and that will solve all their money problems.
Nothing that a big healthy tax increase won’t cure.
This just in from Chicago!
White stuff is falling from the sky!
When declared insolvent, the state of Illinois should revert to a territory. It can then be reorganized into one or more new states or absorbed into adjacent states.
Wouldn’t this problem be a result of all the corruption, cronyism and illegals that have plagued the state for decades? Why should anyone be surprised?
Shame for all the people that don’t live in Chicago, Springfield and Bloomington, who tend to lean to the Right and are forced to have their lives run by the likes of emanuel and his cohorts.
Ping a ling.
5.56mm
Dear cats in Illinois:
Run! Run now! Run fast!
Illinois has been collecting cat recipes from Venezuela!
Please don't leave out Aurora, which is now Illinois second biggest city and leaking at the seams with illegals who I am sure never ever vote.
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