Washington (CNN) - Politics and the struggling American economy intersected last week in Illinois, when a Senate hopeful revealed that his family's small bank would probably fail.
Democratic Senate nominee Alexi Giannoulias' family-run business, Broadway Bank, was founded by his father more than 30 years ago, but has fallen on hard times.
In an interview with the Chicago Tribune editorial board, Giannoulias revealed the magnitude of the problem.
"It's quite likely that the bank will fail," said Giannoulias. "I hope I'm wrong. I hope they can raise the capital to keep the bank going, and they're fighting hard to do so, but it's tough out there for a lot of banks."
On Wednesday, Giannoulias canvassed local media outlets in Illinois, attempting to disassociate himself from the bank's financial troubles.
Washington (CNN) – Senate Majority Whip Richard Durbin, D-Illinois, announced Sunday he will serve as chairman for Alexi Giannoulias' Senate campaign.
Durbin praised Giannoulias, who won last week's Democratic primary, for his efforts to "bring good, new jobs to Illinois."
Giannoulias, who is running for President Obama's old Senate seat, will face five-term Republican Rep. Mark Kirk in November.
A press release issued by the Giannoulias campaign said that Durbin will "do whatever he can to defeat Congressman Mark Kirk in November."
The seat is currently occupied by Sen. Roland Burris, D-Illinois, who decided to not seek his own six-year Senate term. Burris was appointed to the seat by former Gov. Rod Blagojevich, before he was removed from office.
CHICAGO, Illinois (CNN) – Illinois Treasurer Alexi Giannoulias on Tuesday night emerged as the Democratic Party's choice to fight for President Barack Obama's former Senate seat.
Giannoulias will now take on moderate five-term Republican Rep. Mark Kirk in the November mid-term elections. Kirk won the GOP primary handily Tuesday night.
Political analysts have said it might be an uphill climb for the Democrats to hold onto the seat that Obama vacated when he became president last year.
Giannoulias' opponent, former Chicago inspector general David Hoffman, conceded in a phone call to him about 10:40 p.m.
Tuesday's primaries included competitive races in both parties for senatorial, gubernatorial and several congressional seats. There were also contests for attorney general, secretary of state, comptroller and treasurer.
But most of the attention focused on the Senate race.
(CNN) - Illinois State Treasurer Alexi Giannoulias will officially jump into the 2010 race for U.S. Senate on Sunday.
Giannoulias will make his formal announcement in Chicago and the state capitol of Springfield, as he kicks off a three-day, seven-city swing,
according to his exploratory committee.
The seat was formally held by Barack Obama, who stepped down from the Senate in November following his victory in the presidential election. Sen. Roland Burris currently holds the office. Burris said earlier this summer that he will not run for a full term next year.
Republican Mark Kirk, the five-term congressman representing the northern Chicago suburbs, announced Monday he will seek the Republican nomination for the seat. Kirk, a moderate whose district leans Democratic, said in Monday's announcement speech that he is "not an ideologue or party partisan," according to the Chicago Tribune.
Besides Giannoulias, Democratic candidates reportedly eyeing the seat include Chicago Urban League President Cheryle Jackson and Chicago businessman Christopher Kennedy. Kennedy's father, the late Robert F. Kennedy, represented New York in the Senate. Illinois Attorney General Lisa Madigan, who was widely believed to be a top candidate for the Democratic nomination, said earlier this month she would not run.