Gov. Candidates React to State's Lowered Credit Rating
Gov. Candidates React to State's Lowered Credit Rating
December 8, 2009
ABC 7 Chicago
The Moody's Investor Service downgraded Illinois' general obligations from one to two. The only state with a worse credit rating is California.
Moody's cited the state's nearly $12 billion budget deficit as the reason for the downgrade. The downgrade will make it more difficult for Illinois to borrow what it desperately needs to maintain services at their current levels.
Our financial position has gotten worse than it was a year ago," said Andy McKenna, Candidate for Governor (R).
Republican Andy McKenna spoke at least three hours before Moody's downgraded the state of Illinois' debt. He is one voice in a chorus of would-be governors of both parties who accuse Governor Pat Quinn of downplaying the seriousness of the state's financial problems.
"Governor Quinn is not being straightforward. We could run out of cash," said McKenna.
The governor had no public appearances Tuesday. On Monday, he indicated the state would pay its bills even later. Quinns said the state would survive his Democratic primary opponent Dan Hynes' refusal to sign off on a $500 million short term loan to pay state bill through the end of the year.
"If we don't do the cash flow loan, there is delay. There's delay until the month of January, roughly a month from now," said Governor Pat Quinn.
