CHICAGO (AP) – A credit rating agency estimates Illinois’ backlog of unpaid bills could reach a new high of $14 billion by next summer.
The Chicago Tribune cites a Wednesday report from Moody’s Investors Service, which says the temporary budget agreement between Republican Gov. Bruce Rauner and Democrats who run the Legislature is adding to the state’s fiscal problems.
The report says the central issue is the rollback of the 2011 temporary income tax increase that’s dropped revenues.
Moody’s says expenses jumped 12 percent under the stopgap budget with flat revenues. Without changes, the state could see a backlog of $14 billion by the new fiscal year which starts in July.
Rauner said Wednesday that the stopgap is temporary fix that gets the state through the election.
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