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Brady on New Illinois Debt Report‏

Press Release

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Date:
Location: Chicago, IL

NEW REPORT SHOWS IL DEBT TO REACH UNPRECEDENTED $15B
COMPTROLLER SAYS ILLINOIS FINANCIAL POSITION "CONTINUES TO DETERIORATE"

Republican Gubernatorial candidate Bill Brady today said a new report by Illinois Comptroller Dan Hynes showing the state's record-level deficit may now reach an unprecedented $15 billion by next year proves our financial condition has gone from bad to worse under the tax and spend policies of Governor Pat Quinn.

"This report shows Illinois is moving in the wrong direction under Pat Quinn's big government, tax and spend policies," said Brady.

"While Governor Quinn continues spending our tax dollars on election year spending programs we can't afford, this report shows a growing backlog of unpaid bills to vital service providers, and now an unprecedented $15 billion dollar deficit."

"The Governor's addiction to higher taxes and more spending shows Illinois won't ever solve its fiscal crisis with Pat Quinn at the helm."

"A Brady Administration will move Illinois in a new direction starting Day One," said Brady. "My administration will cut spending and taxes, and force government to live within its means, just like the rest of us do every single day."

According to the report, Illinois' "financial condition continues to decline," as payments to vendors and state service providers reach "historic levels."

The report concludes, "The structural imbalance in the current budget, combined with higher debt service costs and the loss of federal stimulus revenues, creates the very real possibility that the Governor and the General Assembly will face a working deficit of $15 billion or more when the fiscal year 2012 budget is crafted early next year."


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