By Associated Press
Springfield, IL – Illinois Treasurer Dan Rutherford says massive debt has pushed the state to, in his words, "the verge of a financial disaster." Rutherford says he opposes taking on any more state debt. Two major borrowing plans are on the table in Springfield. Governor Pat Quinn wants to borrow billions to pay the state's overdue bills. Another proposal would sell bonds to pay for construction programs. Rutherford says Illinois' bond debt has nearly quadrupled over the past decade and now stands at $45 billion. The Republican treasurer says that amounts to $10,000 for every household in Illinois.