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Quinn considers plan to borrow $15 billion

Posted by wlpo on December 28, 2010

SPRINGFIELD, Ill. (AP) – Lawmakers say Illinois Gov. Pat Quinn has been discussing borrowing billions of dollars to soak up the state’s pool of red ink.

The Chicago Tribune reported Tuesday that Quinn has floated a plan of borrowing up to $15 billion to pay down the state’s deficit.

Lawmakers say officials from the Democrat’s administration have discussed massive borrowing as an option, but that Quinn’s people have not specified numbers.

Quinn budget spokeswoman Kelly Kraft says only that Quinn continues considering various options for dealing with a deficit that could top $15 billion by June. They include a 1 percent income tax increase and “responsible borrowing.”

Large-scale borrowing faces a tough road. The Democratic-dominated Senate has been unable to scrape together enough votes to borrow $3.7 billion to pay this year’s pension obligation.

 

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