It is time for the governor and Legislature to act on the dire warnings of Comptroller Dan Hynes regarding the accumulation of unpaid bills.

Hynes has been sounding the alarm for so long, he runs the risk of appearing to cry, "Wolf!"

However, the difference between Hynes and fable of "The Boy Who Cried 'Wolf!'" is that the wolf really is at the door in Illinois and has been all along.

And, over time, the wolf has grown bigger and added sharper teeth.

Legislative leaders and the governor need to work with Hynes and Treasurer Alexi Gianoulias to address the state's growing pile of unpaid bills.

Among options proposed by Hynes is establishment of a revolving line of credit and greater flexibility in state borrowing. These options must be considered, along with any other ideas.

Borrowing money will cost the state money - but that is far more reasonable than forcing its vendors to borrow money as a result of the state not meeting its obligations.

That is particularly true considering the current credit crisis is making it difficult, at best, for businesss to borrow.

Hynes warned last week that the state has a backlog of nearly $4 billion in unpaid bills. That's billion with a "B."

That figure is already a record, but the total could top $5 billion by March, when Hynes expects the payment delay to reach 20 weeks.

When businesses don't pay their bills in a timely manner, there are consequences, such as receiving calls from collection agencies, having to do business on a cash basis or, in some cases, not being able to do business as all.

The state could face similar consequences.

After all, the companies waiting for these payments have business obligations that must be met, such as payroll, utility bills, etc.

For companies - including some pharmacies and nursing homes - who do extensive business with the state, cutting off the state might not be enough or might not be an option. They might go out of business.

It's not just private businesses that are affected. Hynes warns that the state's financial situation could delay payments to schools, transit agencies and other units of local government.

The state needs to look to long-term solutions to its financial problems. That includes not creating or expanding programs when it can't meet its current responsibilities.

But first, it needs to get a handle on the short-term problem of unpaid bills.

Hynes said, "To call this an imminent crisis is an understatement."

We believe him.