Giannoulias 'too busy' to think about vacant Senate seat

Considered by some to be a candidate for the state's vacant Senate seat, Treasurer Alexi Giannoulias said Thursday he hasn't had time to think about it.

Giannoulias, a Democrat, said he's been busy sorting through the state's financial woes following Tuesday's arrest of Gov. Rod Blagojevich.

"I haven't really thought about it to be honest with you," he said during an appearance at Aurora University. "I've been focused on trying to do my job and trying to rebuild the public's trust in us as elected officials."

The charges of mail fraud and corruption against Blagojevich, he said, already have begun to damage the state's already-shaky financial situation.

The most pressing issue, he said, is the further delay of billions of dollars in payments to state schools and hospitals, many of which have tapped into reserve accounts to make up for payments that already are between three and six months late.

"Today we were supposed to begin the bidding on $1.4 billion in short-term borrowing to help hospitals and schools, but we just found out this morning that has been put on hold because it had Governor Blagojevich's name on it," Giannoulias said.

"We're still waiting for more details," he said. "I've signed off on it. The comptroller's office is already fully prepared to send the checks out, especially to the hospitals that are dying for this money."

The state's bond rating also is in jeopardy as a result of Tuesday's arrest.

"We're learning that there's a possibility that because of what took place on Tuesday the state's bond rating will be lowered," he said. "That is horrifying news in what is already a very difficult bond market."

Aside from the state's troubles, Giannoulias, 32, said Blagojevich's arrest also hit him hard personally and will likely affect his ability to recruit "the next generation of public servants."

"On a personal level, my emotions were all over the place. There was anger, shock, disappointment, embarrassment," he said. "The unbelievable degree of insolence and brazenness and arrogance in what took place was astonishing to me on a personal level."