Big Deal Coming Due for Illinois as Bills Pile Up

The Bond Buyer reports:

llinois faces increasing pressure on liquidity as a short-term borrowing is coming due, putting the state on pace to close out the fiscal year on June 30 with a $5.5 billion backlog of bills, Comptroller Daniel Hynes warned in a recent report.

The state closed out the third quarter of fiscal 2010 on March 31 owing $4.5 billion in bills, up from $3.4 billion a year earlier. The list of bills includes vouchers and transfer requests submitted in the first quarter that have been pushed back as the state meets its priority payments, including debt service.

Great moments in Blue America.