Pretty sure this is only the first...[quote]Just two weeks after Illinois Gov. Pat Quinn chopped $1.4 billion from the budget, the cash-strapped state is..."/>

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Illinois: Our very own Greece?

POSTED BY: NIKI2
UPDATED: Thursday, July 15, 2010 08:21
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Wednesday, July 14, 2010 9:26 AM

NIKI2

Gettin' old, but still a hippie at heart...


Pretty sure this is only the first...
Quote:

Just two weeks after Illinois Gov. Pat Quinn chopped $1.4 billion from the budget, the cash-strapped state is turning to the debt markets to get it through the fiscal year.

On Wednesday, it plans to raise $900 million through Build America Bonds to fund its first capital program in more than a decade. The money will be used to improve roads, bridges and schools.

And this debt issuance is only the beginning. The state plans to raise $1.3 billion in short-term notes next week and $1.4 billion in debt related to tobacco settlement funds in November.

And, the state plans to turn to the debt markets to fund $3.7 billion in pension obligations in December, if the state legislature approves. The state already sold $2.4 billion in pension notes in January.

States don't traditionally fund their pensions with debt, but the practice frees up other money that can be used for operations, said John Sinsheimer, Illinois' director of capital markets.

Illinois is not alone in turning to the debt markets to get out of a fiscal hole. Many states and municipalities have ramped up their borrowing as tax revenues plummet amid the economic downturn.

But Illinois' actions have not sat well with rating agencies. Both Moody's and Fitch downgraded the state in June, before the $24.9 billion budget was passed. That makes it more expensive and more difficult for the state to raise money in the debt markets.




Hippie Operative Nikovich Nikita Nicovna Talibani,
signing off



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Wednesday, July 14, 2010 10:00 AM

RIVERLOVE


Oh man! Even after all those great years of super-organizin' that Obama did they have this problem? I can't believe it! They need Blago back.

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Wednesday, July 14, 2010 2:03 PM

KIRKULES


Illinois is totally screwed, I read that their yearly State pension obligation will be four or five times the total State budget in five years. Normally it would be no problem for the politicians to renege on their promises, but pensions often require a State Constitution amendment to change. Can you imagine the disaster if they have to quadruple State taxes to pay for pensions.

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Thursday, July 15, 2010 6:36 AM

KANEMAN


This is the result from retards like you running things Niki. The whole nation will be in this predicament by the time Barry is done with us. Our only chance is that after the democratic bloodbath ,that WILL happen in Nov., the republican majority does what is right.

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Thursday, July 15, 2010 8:02 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Quote:

Originally posted by kaneman:
This is the result from retards like you running things Niki. The whole nation will be in this predicament by the time Barry is done with us. Our only chance is that after the democratic bloodbath ,that WILL happen in Nov., the republican majority does what is right.




Like they did in 2000-2006?



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Thursday, July 15, 2010 8:21 AM

KANEMAN


Quote:

Originally posted by Kwicko:
Quote:

Originally posted by kaneman:
This is the result from retards like you running things Niki. The whole nation will be in this predicament by the time Barry is done with us. Our only chance is that after the democratic bloodbath ,that WILL happen in Nov., the republican majority does what is right.




Like they did in 2000-2006?






Exactly.

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