Kirk warns of state debt issues
Illinois Senator Mark Kirk says if the state of Illinois doesn't turn its financial situation around, there will be no federal bailout.
Kirk was a guest Tuesday on the WDWS NewsTalk 1400-AM morning show with Dave Gentry and Elizabeth Hess.
According to a report from Kirk's Sovereign Debt Advisory Board that was released Tuesday, Illinois has the worst credit rating of any state in America and ranks 48th out of 50 states in healthy business climate.
Kirk says the debt load in Illinois is too heavy.
Hear from Mark Kirk.
- Mark Kirk talks about the debt load in Illinois.
Kirk says Illinois' debt load is equivalent to what people in Greece, Portugal, and Ireland owe.
He says if pension reform legislation passes in Springfield, it would dramatically improve Illinois' financial situation.
Illinois Treasurer Dan Rutherford says the state's credit rating makes state debt more expensive by virtue of higher interest costs, which Rutherford says in turn makes it more difficult on local municipalities as well.
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