The financial hole caused by the Illinois budget crisis is only getting deeper.
The Illinois budget crisis means that millions upon millions of dollars are being spent on nothing but interest. These lost dollars are the price of 16 billion dollars in unpaid bills. So by spending massively more than their revenue base will allow, Illinois politicians have lost control of the budgetary process.
Reuters reports, “Illinois’ unpaid bill backlog hits a record $16 billion.”
The bill backlog is growing despite the enactment of a fiscal 2018 spending plan and income tax increase in July that ended a budget impasse between Illinois’ Republican governor and Democrats who control the legislature.
“What is going to take this backlog down is the borrowing,” said Abdon Pallasch, spokesman for Democratic state Comptroller Susana Mendoza.
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