Illinois State Treasurer Michael Frerichs is calling on Governor Bruce Rauner to look into refinancing the state’s $15 billion worth of debt. A bill allowing the state to look into refinancing has been vetoed by the governor this year.
Frerichs says it is common sense financial advice to look to cut the interest rate on Illinois’ current backlog of bills.
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Frerichs says taxpayers are losing millions of dollars every day from interest building on the state debt.
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Frerichs says the money that will have to go towards interest payments could be money that goes towards schools, infrastructure or other state needs. He says while getting a budget passed is a step in the right direction, the state still has plenty of work to do to work down and eliminate the backlog of bills Illinois is facing.