State debt remains unchanged at $7.5 billion
A week before total debt finished at $7,848,530,716.67 with the number of vouchers backlogged, including vouchers and transfers to other state funds, standing at 85,183, down from this week’s finish of 102,875.
Over the last year, unpaid debt has consistently hovered in the neighborhood of $7 to $8 billion, with the downward trend being driven by Gov. Bruce Rauner’s 2017 decision to issue a sizable amount of general obligation bonds where all the funds generated were applied to the state’s rising debt load.
Prior to Rauner’s actions, the unpaid debt had skyrocketed to as high as $16 billion as the state was forced to operate without a balanced budget for more than two years.
Earlier this year, Illinois Comptroller Susana Mendoza, who is running against Republican Darlene Senger in November’s general election, enacted the Debt Transparency Act, which is designed to keep taxpayers in the loop about the state’s financial standing.