Our nation's debt is literally indenturing our children to our international debt holders, but most Americans don't care because they are more concerned about the latest saga involving Snooki on Jersey Shore rather than what really matters, our country’s future.

Monday, March 15, 2010

Quinn wants Ill. to borrow billions to pay bills, but short-term fixes could cost in long run

By DON BABWIN , Associated Press

CHICAGO - While laying out his budget plan, Illinois Gov. Pat Quinn sounded less like the leader of a state facing a $13 billion deficit than a guy looking to find a credit card with a better interest rate.

When the state fails to pay public schools, colleges and social service agencies on time, he explained in his budget address this week, it must pay 12 percent annual interest on late payments. Instead, Quinn wants to borrow $4.7 billion at "reasonable market interest rates" to help pay overdue bills.


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