Illinois has queued up contestants for the governor’s race this fall. The New York Times reports:
Bruce Rauner, a multimillionaire businessman making his first run for political office, won the Republican nomination for governor of Illinois on Tuesday, setting up what is expected to be one of the nation’s most contested races for governor this fall.
Mr. Rauner, little known to Illinois voters before an intense run of television commercials, is expected to bring a serious challenge to Gov. Pat Quinn, a Democrat seeking a second full term in office. Although control of Springfield, the capital in President Obama’s home state, has been solely in the hands of Democrats for more than a decade, a fierce contest is anticipated, in part because of the economic picture in Illinois, given the state’s poor credit ratings and high unemployment rate compared to other states.
As Rauner begins his campaign sprint to November, he may want to devote time to the study of the dire state of Illinois’ finances. Elizabeth Foos outlined it in a recent Morningstar note — “Illinois’ Net Financial Position Worsens in 2013.” Foos writes:
The state of Illinois released its fiscal 2013 Comprehensive Annual Financial Report, which revealed that the state continues to struggle with cash flow issues, a backlog of unpaid bills, and steep pension and health-care costs.