Illinois' unpaid bill backlog hits a record $16 billion

Illinois' unpaid bill backlog hits a record $16 billion:
"CHICAGO (Reuters) - Illinois’ pile of unpaid bills topped $16 billion for the first time as the state deals with the fallout of an unprecedented two straight fiscal years without complete budgets, the state comptroller’s office reported on Tuesday.
The bill backlog is growing despite the enactment of a fiscal 2018 spending plan and income tax increase in July that ended a budget impasse between Illinois’ Republican governor and Democrats who control the legislature.
“What is going to take this backlog down is the borrowing,” said Abdon Pallasch, spokesman for Democratic state Comptroller Susana Mendoza.
A provision in the budget enacted by lawmakers over the vetoes of Governor Bruce Rauner authorized the sale of up to $6 billion of general obligation bonds to pay bills from vendors and service providers that are accruing late payment penalties of as much as 12 percent.
Rauner signaled earlier this month that his administration will move forward with the bond sale, saying ”it’s better to have Wall Street carry our debt than Main Street Illinois.”"