State Treasurer Dan Rutherford says Illinoisans could be the hook for tens of millions of dollars in interest payments, thanks to the state’s poor credit rating.

 [audio:rutherfordbondrating011612.mp3]comment here[/audio]

Moody’s investors gave the state the worst credit rating tin the nation, citing its failure to deal with unpaid bills and underfunded pension systems. Rutherford blames habitual borrowing for the poor rating. He says he want to work with lay makers to bring the state out of the red by he will not support any additional borrowing. He encourages lawmakers to find ways to cut spending.