State's vendor debt inches downward to $9.1 billion
Illinois’ unpaid vendor debt dipped for at least the third straight week ending the week of Jan. 3, all the while remaining under $10 billion after it had almost reached a record-setting burden of nearly $17 billion just months earlier.
According to the Illinois Comptroller’s website, debt stood at $9,119,691,652.80 on Jan. 3 and has tumbled by more than $7 billion ever since Gov. Bruce Rauner made the decision to issue $6 billion worth in general obligation bonds to use toward the state’s massive debt load.
In early September, Crain Business reported the state owed more than 60 businesses at least $10 million each, and was on the hook to 13 of them for $100 million or more.
In early October, the state’s debt load topped out at just over $16.6 billion, or more than $1 billion more than where it stood roughly just two months earlier.
Prior to last summer, Illinois went over two years without a balanced budget in place, a period that also saw the state’s overall vendor debt triple from roughly $5 billion.
With all the debt the state is carrying, the amount continues to rise by at least $2 million a day in late payment interest.