A study by the non-partisan Civic Federation this week suggests state taxpayers will pay more than $500 million in extra interest costs on bonds sold in the past 12 months due to recent credit rating downgrades.

The Federation says the extra interest costs are a direct result of the inability by the Governor and current legislative leadership to effectively manage Illinois’ finances.

“Due to Springfield’s failure to stabilize Illinois’ finances, Illinois residents will pay nearly 21 percent more for one year of borrowing than they would have if the State had maintained its credit ratings,” said Civic Federation President Laurence Msall. “This report demonstrates that our State’s inability to come to terms with the continuing fiscal crisis has a large and measurable cost which is in addition to the obvious toll the crisis has taken on service providers.”

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