“I cannot support any additional borrowing at this time,” Hynes said at a midday press conference. “This is an historic amount of short term debt and the state will risk default if that money is not repaid by June 10, 2010.”
Quinn was looking to land the $500 million loan to shore up shortfalls in the state’s budget. While no one had signed off on the idea, Quinn called out Hynes’ for “lollygagging” on approving the loan.
“To be lollygagging along and meandering along, instead of getting the job done is inexcusable. The people of Illinois expect every Constitutional officer to do his or her job without politics," Quinn said Tuesday. The governor implied at the time that Treasurer Alexi Giannoulias signed off on the deal and all that was left was Hynes' approval.
Giannoulias, however, released a statement the shortly afterward denying that he okayed the deal. He said he hadn’t even seen the paperwork.
When Hynes was asked whether he decided against approving the loan for political reasons he balked.
"I take my job seriously," Hynes said.