Wednesday, March 10, 2010

Gov Quinn of Illinois starts a partial default

Yahoo posts the AP story:

The rest of Illinois' record-breaking $13 billion budget deficit should be addressed mostly by borrowing money and letting more unpaid bills pile up, Quinn said in a brief speech to legislators.

Letting more bills pile up could be disastrous for those who need help with child care, job training, services to the elderly, drug counseling and more. The local organizations the state hires to provide those services, which already are struggling to survive, could go under if they don't get paid.



The italics are mine. That statement is an acknowledgment that you may not get your money if you do business with Illinois. About three of the major state budgets are in essential partial default.

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