State Treasurer Opposes More Borrowing

CHICAGO (WBBM/AP) -- Illinois State Treasurer Dan Rutherford said Sunday that the state's gargantuan debt has pushed Illinois to "the verge of a financial disaster."

Two major borrowing plans are on the table in Springfield as lawmakers work on next year's state budget, but Rutherford said Sunday he opposes taking on any more state debt.

LISTEN: Newsradio 780's Lisa Fielding Reports

Gov. Pat Quinn wants to borrow billions to pay the state's overdue bills. Another proposal would sell bonds to pay for construction programs.

Rutherford says Illinois' bond debt has nearly quadrupled over the past decade and now stands at $45 billion.

The Republican treasurer says that amounts to $10,000 for every household in Illinois.

(TM and © Copyright 2010 CBS Radio Inc. and its relevant subsidiaries. CBS Radio and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)

In:
• Dan Rutherford