Illinois' unpaid vendor debt drops below $6.5 billion
Illinois’ unpaid vendor debt dipped to $6,410,631,679.61 during the week ending May 3, marking a new low for the year.
The newly released figures, posted on the state comptroller’s website, are approximately $1 billion less than what they were last week when unpaid debt stood at $7,354,609,302.74.
The drop continues a trend that has seen the state’s unpaid debt spiral downward the last four weeks. The trend can be first traced to late last year when Gov. Bruce Rauner announced that he planned to issue $6 billion of general obligation bonds with all the proceeds earmarked for the state’s massive debt load.
Even with the downward trend, Illinois News Network recently reported taxpayers across the state remain on the hook for nearly $1 billion in interest alone stemming from late bill payments.
During a two-year period where the state operated without a balanced budget in place, the state’s debt tripled to record highs topping $16 billion.