ZeroHedge reports today that Comptroller Susana Mendoza (D-IL) issued a warning to Illinois Governor Bruce Rauner and other elected officials on Tuesday, that her office has “very serious concerns” it may no longer be able to guarantee “timely and predictable payments” for some core services. Mendoza was sworn in as State Comptroller in December and was the first Hispanic to run statewide as a Democrat. Mendoza won a special election to serve the final two years of the term won by her friend, the late Judy Baar Topinka.
Mendoza warned over the weekend that Illinois is “in massive crisis mode” and that “this is not a false alarm.” She said the state is “effectively hemorrhaging money” by spending roughly $600 million more a month than it is taking in. She explained that, “The state can no longer function without a responsible and complete budget without severely impacting our core obligations and decimating services to the state’s most in-need citizens.” Mendoza also said, “…the State of Illinois will no longer be able to guarantee timely and predictable payments in a number of areas that we have to date managed (albeit with extreme difficulty) despite an unpaid bill backlog in excess of $15 billion and growing rapidly.”
ZeroHedge report found here.
Background information by City Club of Chicago.