HERE'S THE ALTERNATIVE
If we don't cut spending, the only alternative is more borrowing or the Illinois Solution: higher taxes. How is that working out for their economy?
NEW YORK (CNNMoney) -- Illinois recently passed a budget that ticked off a lot of business people because it raised taxes on companies and individuals.
You might count Caterpillar CEO Douglas Oberhelman as among the aggrieved. In a letter to Gov. Pat Quinn, Oberhelman says he wants to talk about how to move the state toward real fiscal reform.
He's also kinda threatening to leave for greener pastures.
"I want to stay here," Oberhelman wrote. "But as the leader of this business, I have to do what's right for Caterpillar when making decisions about where to invest."
Oberhelman wrote that he has received letters from governors all over the country that would welcome Caterpillar with open arms. Their arguments are "compelling," he said.
"I have been called, 'cornered' in meetings and 'wined and dined' -- the heat is on," Oberhelman said.
Presumably, Oberhelman's chief complaint is the tax hikes enacted by Illinois lawmakers in January.