CHICAGO (AP) — So, who can lend Illinois the $4.7 billion Gov. Pat Quinn wants to borrow to move the state closer to balancing the budget?
Following Quinn’s proposal to borrow the money, his budget director says the state can borrow from other state funds or from outside investors.
David Vaught also said that the state could take out short term loans or even approach investors and ask them if they’d like to buy a chunk of Illinois’ share of a huge settlement with tobacco companies.
Republicans like Sen. Pamela Althoff say such schemes make her and other lawmakers nervous. That’s because they are putting the state at risk of future economic problems for what she calls a quick fix.
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