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Illinois budget struggles ratchet higher

Jun. 21, 2017 12:15 PM ETNUV, EIM, BFK, BLE, EVN, IIM, IQI, PMM, KTF, VKI, LEO, AFB, NAD, PMX, PMF, PML, DSM, NZF, NVG, NEA, VGM, VMO, NXP, MUB, PZA, XMPTBy: Stephen Alpher, SA News Editor15 Comments
  • "In the coming weeks, the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed," says Comptroller Susana Mendoza. "We are now reaching a new phase of the crisis."
  • She notes an already $15B and rapidly growing unpaid bill backlog, with obligations exceeding receipts by an average of $600M per month over the past year.
  • Mendoza has a calming message for financial markets, assuring that debt service payments will not be delayed or diminished.
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