Treasurer to Rauner: Go to New York to fight off 'junk' status
SPRINGFIELD -- The state treasurer says Illinois Gov. Bruce Rauner must go to New York to talk bond-rating houses out of knocking the state's creditworthiness into "junk" status.
Democrat Michael Frerichs said in Chicago Monday that the Republican governor should commit to the $36 billion spending plan the General Assembly adopted last week over his vetoes.
It includes a $5 billion income-tax increase. It's the first budget Illinois has had in two years because of political disagreements. Bond houses have threatened to knock Illinois' rating down to "junk" even with the budget deal.
Frerichs says Rauner must also move toward borrowing $6 billion approved in the budget to pay down a $15 billion bill backlog at a lower interest rate.
A spokeswoman for Rauner did not immediately respond with comment.