Illinois Treasurer Michael Frerichs says the state loses $2.6 million a month in investment income because of the ongoing state budget impasse.
The Democrat in charge of investing state money says his office changed strategies last summer to shorter-term less lucrative investments instead of long-term ones because the state had no state spending plan. He says if nothing changes this year, Illinois could miss out on over $31 million in potential earnings this calendar year.
Illinois has been operating without a spending plan since last July. There are few signs there will be an agreement for the coming fiscal year. Lawmakers are negotiating in smaller groups to work out an agreement.
Frerichs says not having the ability to plan long term ``rips money out of the pockets'' of Illinoisans.
