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(AP) — Illinois taxpayers will have to shell out an extra $551 million to cover the cost of borrowing because of the state’s deteriorating bond rating, according to a new report released Monday.

The Civic Federation of Chicago, a nonpartisan research group, analyzed $9.6 billion in borrowing by Illinois over the last year and compared it to interest being paid by other state and local governments with bond ratings comparable to Illinois’ before its was lowered.

“This is a catastrophe for Illinois,” the group’s president Laurence Msall said because that extra money could have been spent on other needs and services.

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