CHICAGO — With its credit on Moody’s Investors Service watch list for a downgrade, Illinois plans to launch a roughly $7 billion borrowing spree in the coming months to raise funds for shovel-ready capital projects, pay down its bills, restructure debt, and to cover its pension payments now that a new fiscal 2010 budget is in place.

State lawmakers and Gov. Pat Quinn emerged from meetings on Wednesday with an agreement on a new all-funds $54 billion fiscal 2010 operating budget for the fiscal year that began July 1, including a $26 million general fund. Lawmakers approved the plan and Quinn signed it late Wednesday.

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