CHICAGO — William Daley said Tuesday his surprise decision to bow out of the race for Illinois governor came after much thought and the conclusion that he couldn't make the long-term commitment needed to fix the state's fiscal woes.
Daley's decision followed a summer spent attacking incumbent Illinois Gov. Pat Quinn, a fellow Democrat, for lacking the leadership abilities needed to shore up the state's fiscal foundation and solve the state's pension crisis.
It leaves Quinn without a high-profile challenger in the Democratic primary, at least for the moment.
Daley disclosed his decision to the Chicago Tribune in a report that posted late Monday and on Tuesday he held a news conference to discuss his reasons.
"We all know Illinois faces many difficult challenges. It's going to take a governor quite a while to help this state dig itself out of the mess which it's in," Daley said.
"It's not about a campaign of six months or 14 months it really is about a minimum of five to nine years to begin to straighten out this state," he said, adding ultimately he decided he could not commit to governing the state over the long term.
Daley said he believed he could have won the race and his policies and proposals would have improved the state. Daley had eyed past bids but the current race was the first one he formally entered.
Daley's political pedigree runs deep and extends far beyond the borders of the city where his father Richard J. Daley served for two decades as mayor. His brother Richard M. Daley also led the city for two decades before retiring in 2011.
William Daley served as President Clinton's secretary of commerce and more recently served as President Obama's chief of staff. He stepped down from the post in early 2012 after a year. Before taking the Obama Administration job, Daley was Midwest Chairman for JPMorgan which he joined in 2004.
No other major candidates remain in the Democratic race but the filing deadline is not until early December for the March primary ahead of the November 2014 general election. Attorney General Lisa Madigan had been eyeing a run but recently announced she would seek re-election.
The Republican field includes Illinois Treasurer Dan Rutherford, state Sen. Kirk Dillard of Hinsdale, state Sen. Bill Brady of Bloomington, and businessman Bruce Rauner.
Daley came out swinging against Quinn in June after he announced he was exploring a bid for the Democratic nomination, with the state's fiscal mess taking center stage.
He derided Quinn's leadership and his backing of various pension reform plans instead of settling on one. He has frequently attacked Quinn's fiscal stewardship and accused him of lacking the political strength or ideas needed to fix the state's fiscal woes. Quinn has countered with attacks on Daley's banking background.
The state's inaction on reforms to address to $95 billion of unfunded pension obligation as well as other strains including a $6 billion backlog of bills and the approaching expiration of a portion of a 2011 income tax hike have driven several rounds of rating downgrades. Illinois is the lowest rated state with a general obligation credit in the low-single-A category.
Quinn first took office in 2009 after the General Assembly ousted through impeachment then Gov. Rod Blagojevich following his arrest on corruption charges.
Quinn had been lieutenant governor. Quinn won then won a full term in 2010.
