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Illinois State treasurer Dan rather but says that state is quote on the -- financial disaster back.
And he refuses to borrow any more money relevant is a Republican.
So let's see what Democrat state representative Jack Franks has to say he's joining us now live from.
So welcomed the -- good to have you with us.
Thank you Stewart now let let's recap here a second down -- state treasurer Republican.
He says look we all broke.
We cannot afford to borrow any more money we got -- stall borrowing right now because we face financial disaster.
What are you gonna do about that so.
He's a 100% right we should not be digging ourselves into a deeper debt right now.
Illinois just past the 66%.
Tax increase on our citizens and every one of those dollars simply went to pay for our current.
We have a structural deficit and our first day of our fiscal year on July 1 of this year.
We will all over eight point three billion dollars an unpaid bills.
And we will also have an eighty billion dollar unfunded pension obligation.
Last year easily surprised -- revenue source I'm sort of jump in this you surprise me.
Because I didn't know what you're gonna say when I asked the question.
I thought that the Democrats in Illinois including the governor with pretty much in lock step.
Raise taxes and borrows some more money but York.
You're not in not Lou volume yours you're saying that that the Republican -- brother but he's right that's what your side.
He's a -- -- -- with Stewart you and I both want them to the galaxy are armed with you on this we -- is no reason that we should be great yeah I wish we shouldn't be raising taxes.
The way to stimulate the economy is to cut that you're a Democrat and -- what you would like if you're a Democrat what are you doing saying that the way to stimulate in the column is the lower taxes.
You'll play book.
But listen I don't think that the Republicans on that either.
I think it's common sense in you look at what these states have had to do to try to retain businesses by throwing all these incentives that them.
You wouldn't have to throw incentives that businesses if he simply lower the tax rate.
That's how you create jobs.
That and I think we will you comply you know I was with the with governor -- I mean -- totally at -- just don't want Democrats are proposing -- Illinois.
Why almost ran against them last dive to get I just the usual out on this issue.
Now -- -- may be next guy.
What is the state going to do.
I mean you've got a budget which is before the state legislature which I think -- for borrowing too there's a gap there of 2.4 billion dollars.
Dan -- -- I don't borrow xxx -- get down rather -- don't borrow any well what's gonna happen how this thing and apply now.
Well we actually passed -- law in January just before we -- their tax increase was called budgeting for outcomes.
That what we would do is -- would see how much revenue that's projected and then we would only spend.
Up to that amount.
Unfortunately the governor did not sign that law until one hour after he gave his budget address which is based primarily -- borrowed funds so what I say is forget that.
Only do -- are projected revenues are don't borrow any require consolidation.
Require cuts -- has passed a law.
What's on the governor's desk hopefully he'll be signing with the consolidation commission to get rid of many of our levels of government Illinois.
Levels of government can.
And then next closest state it's Pennsylvania with less than 5000.
Jack frank we totally attacks in Illinois I think we can consolidate significant do you sound like somebody straight out of the teapot I mean -- -- confession out played -- body stuff.
I'm afraid I'm out of time -- it's on the police got a different -- -- graduate come on back again would love to see you but that's very interesting stuff will become -- back and report what's happening in the state of Illinois because we think it's the most indebted.
Near bankrupt state in the nation we want to hear what happens that Jack Franks thanks so much so appreciated.
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