Right now the state of Illinois does not have a budget.
Because we don’t have a budget the state has stopped paying many of its bills.
This has proved disastrous for families across the state.
- The state stopped funding breast and cervical cancer screenings for thousands of women.
- Public transit is no longer available in some downstate communities.
- After school programs have CLOSED.
- Thousands of working families applying for childcare assistance are no longer eligible.
- Early Intervention therapists are not being paid.
- Seniors and those with disabilities who apply are not receiving needed independent living services.
- Good paying jobs and critical infrastructure are at risk.
Meet Some of the People the State is NOT Paying
Executive Director, Centro Romero
Immigrant Service Provider
Clinical Mental Health Counselor, Keystone Group Home
Lutheran Social Services of Illinois
In my group home, we are no longer unable to provide our clients basic necessities like bottled water. We are spending less on food, and we have a limited amount of milk to hand out. Recently, our 16 passenger van broke down and since then we cannot afford to get it fixed. Residents are disheartened we can no longer go out on recreational outings to decompress such as visiting museums and going out for hot dogs or parks.
Who is the State Paying?
Illinois is putting banks at the front of the line
In the midst of a budget crisis the state of Illinois is continuing to make payments to large Wall Street banks on time and in full every month.
The State of Illinois has 19 toxic swap agreements that have cost taxpayers more than $618 million. The banks involved in these agreements include Loop Financial, Goldman Sachs, Bank of America, JPMorgan Chase, Citigroup, AIG, Wells Fargo, Deutsche, and Bank of NY Mellon. These banks have locked the state into these agreements for decades, when similar agreements in the private sector are rarely longer than 5-7 years. To get out of the swap agreements, the banks want to charge the State another $290 million.
Estimated amount Illinois will pay to Wall Street banks this fiscal year
That is enough money to pay for
child care assistance for
homeless services for
domestic violence services for
Domestic violence survivors
Time to Get Our Money Back
Wall Street banks suckered the State of Illinois into risky financial deals that they said would us money. But instead of saving money the opposite happened. Since the financial crash, these financial deals have cost Illinois taxpayers more than half a billion dollars, while our state cuts vital services needed to keep our communities healthy and safe.
In other parts of the country these bad deals have been renegotiated but in Illinois politicians have refused to go after Wall Street banks. Instead Governor Rauner has chosen to cut from childcare, domestic violence, homeless shelters, and other vital services.