Illinois Could Sacrifice Sacred Cows Amid Drawn-Out Budget BattleOctober 16, 2015 – In The News
William Choslovsky was featured in the DebtWire article “Illinois Could Sacrifice Sacred Cows amid Drawn-Out Budget Battle.” Full text can be found in the October 16, 2015, issue, but a synopsis is below.
The state of Illinois may have to borrow from its most “sacred funds” due to its plans of skipping a 560 million dollar pension payment scheduled for November according to a policy expert and public finance attorney.
Illinois has been without a budget for over 100 days and has a backlog of bills that has reached 7 billion dollars, which is leading to payments being made mostly from “court orders and other mechanisms.”
“The state is insolvent and it needs to prioritize among these creditors,” according to Fox Rothschild Partner William Choslovsky who was responsible for intervening in a case for developmental disability providers and the Illinois comptroller concerning human service payments. The case ultimately ascended to federal court due to the neglecting of payments during the budget impasse.