Quinn Says Increased Revenues Could Bring Debt Relief
Governor Pat Quinn says the state could be re-structuring some of its debt in light of a report showing improved revenues from Illinois' income tax hike.
The Commission on Government Forecasting and Accountability says that growth is exceeding the rate of the hike, bringing in $1-point-4 billion last month. COGFA also showed a steady growth in income tax and sales tax revenues during the summer months.
With the legislature's fall veto session approaching, Quinn says the state is at a spending limit of just over $32-billion. But he says spending could be re-allocated within that limit, and help some of those anxiously waiting state funds.
"We can use that to pay bills that we owe, and we'd like to use some of the revenue to restructure debt we have so that those who are owed money, like the University of Illinois, get paid right away," said Quinn. "And I think that's something that needs to be addressed."
Governor Quinn was at the U of I Friday morning for the groundbreaking of the Department of Electrical and Computer Engineering's new facility.