Illinois Comptroller Judy Baar Topinka, one of the few Republicans holding high state office has a history of conservative fiscal responsibility. She responds to Moody’s announcement on lowering the state’s bond rating.
SPRINGFIELD– Illinois Comptroller Judy Baar Topinka on Friday released the following statement in response to Moody’s lowering of the state’s bond rating:
“Despite today’s disappointing announcement by Moody’s, I want to make clear that there is no fear of the state missing a bond payment. In fact, as the state’s Chief Fiscal Officer I can reassure the bond community that the first payment we make each month is to our bond holders.
“Still, this is yet another cautionary note that cannot be ignored. While it would be premature to say how much, if at all, this will increase the state’s borrowing costs, Illinois leaders have a responsibility to hear the message being sent. Moody’s made clear that it would view further borrowing to pay current obligations as a negative act that could cause another downgrade. So once again, I must stress my opposition to proposed borrowing to pay down our bill backlog. The only way out of this mess is to keep cutting spending, provide for a better business climate and, for once, let growth outpace spending.”
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