Which led the Illinois Republican Party to issue this press release:
There is more bad news for Illinois' economy after Fitch Ratings downgraded the state’s bond rating due to billions of dollars in unpaid bills. The move means the Illinois economy is even less reliable now than it was before, putting us further on a path toward California-style I.O.U.'s.
According to Illinois Republican Party Chairman Pat Brady, the hit to the state’s credit rating is just another reason why it's time for a leadership change in Springfield.
"The Democrats' tax and spend agenda as well as their penchant for kicking the can down the road instead of making responsible decisions is what got us here in the first place. We are $13 billion in the red, have over 12 percent unemployment and have a credit rating that will soon rival California's, yet Governor Quinn and the Democrats continue their fiscally irresponsible agenda," said Brady.
The Fitch Ratings change comes after the Illinois comptroller announced it was nearly $9 billion behind in payments to vendors and called the situation an "ongoing fiscal disaster" according to the New York Times.
"Even with his state comptroller acknowledging the reality of our fiscal crisis, Governor Quinn is traveling across the state pushing for a federal health care bill that will only add to state spending and kill jobs and a tax hike that will hurt Illinoisans already struggling to make ends meet. The people of Illinois want fiscal responsibility and reforms so they can trust their state government, it's time Quinn started listening and lose his government-knows-best mentality," said Brady.
Democrats have controlled the governor's mansion and the General Assembly since 2003.
Quinn was a two-time running mate of disgraced former Governor Rod Blagojevich.
Related posts:
Illinois' credit rating drops--only California has a lower one
UPDATED: Gov. Quinn's pay-for-play budget: Borrow $4.7 billion
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