Illinois Stops Paying Its Bills, But Can't Stop Digging Hole

09/03/2010 05:12 am ET | Updated May 25, 2011

CHICAGO -- Even by the standards of this deficit-ridden state, Illinois's comptroller, Daniel W. Hynes, faces an ugly balance sheet. Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing memo.

He picks the papers off his desk and points to a figure in red: $5.01 billion.

"This is what the state owes right now to schools, rehabilitation centers, child care, the state university -- and it's getting worse every single day," he says in his downtown office.

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