Illinois taxpayers got an $8 million taste during the week of just how expensive poor fiscal management can be.

Senator Tim Bivins explained that the Quinn Administration took out a short-term loan in mid-July and – even though federal treasury rates have been cut nearly in half – the state will end up paying about $8 million more in interest when compared to a similar loan taken out last year.

The key difference is that Illinois has seen its credit rating plummet. One major credit rating agency ranks Illinois as tied for worst in the nation with California, while two other agencies have Illinois just one notch above California. The state has had eight credit downgrades since Governor Pat Quinn replaced impeached-Governor Rod Blagojevich in January 2009." />
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