Illinois treasurer: State nearing 'financial disaster' -

Illinois treasurer: State nearing 'financial disaster'

SPRINGFIELD, Ill. (AP) -- Illinois Treasurer Dan Rutherford says massive debt has pushed Illinois to "the verge of a financial disaster."  

Rutherford said Sunday he opposes taking on any more state debt.  

Two major borrowing plans are on the table in Springfield.  

Gov. Pat Quinn wants to borrow billions to pay the state's overdue bills. Another proposal would sell bonds to pay for construction programs.  

Rutherford says Illinois' bond debt has nearly quadrupled over the past decade and now stands at $45 billion.  

The Republican treasurer says that amounts to $10,000 for every household in Illinois.  

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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