By Greg Bishop
SPRINGFIELD – Illinois’ treasurer places most the blame for the state’s budget impasse on the governor, but the governor’s office says the chief executive can’t balance the budget on his own.
Treasurer Michael Frerichs said after more than 22 months without a budget, the state faces another possible credit downgrade, this time to junk bond status.
“That has real costs because it will mean when we go out and issue debt in the future, we will pay more,” Frerichs said. “It has costs because it adds to the perception of the state of Illinois if you’re bonds are junk. No state has gone to junk bond status before. That is a real problem.”
Frerichs, a Democrat, said legislators do share some of the blame for the budget inaction, but placed most of it on Republican Gov. Bruce Rauner for lawmakers not passing a full budget for more than 22 months.
Deputy Governor Leslie Munger said that’s ridiculous and obviously political.
“The problems that we have today are decades in the making and they are not the things just on his own [he] can do anything about,” Munger said.
Another thing the legislature hasn’t passed in 22 months is an official revenue estimate holding them accountable for the state constitution’s balanced budget clause.
Munger said the lack of an official revenue estimate is a symptom of the long-standing problems in Illinois’ finances.
“That’s just indicative of how we’ve gotten into this mess. [The legislature has] passed budgets for years with no connection to the amount of money we expect to come into the state,” she said.
Munger also said the inability of lawmakers to tackle major cost drivers such pensions, procurement, and inefficiencies is a big problem.
She said it’s time to stop pointing fingers and start coming together to find a truly balanced budget with reforms to grow the state’s economy and control mounting pension debt.
