From The Chicago Tribune:
Facing both an election and the politically unpalatable prospects of raising taxes or cutting social programs, Gov. Pat Quinn and lawmakers increasingly have turned to borrowing as a quick fix and are on track to rack up more than $6.5 billion in loans to keep the state afloat.
For critics, borrowing has become a form of financial denial for politicians, a game of kick the can in which state leaders put off making tough decisions in hopes of better times ahead.
But the penchant for turning to the state's credit card -- plus one-time windfalls like federal stimulus funding -- to plug a vast budget deficit point to further difficulties ahead for a government and public reeling from recession as an election season dawns amid voters' anti-tax-hike fervor.† Read more.