Illinois faces a fiscal cliff of our own and state legislators couldn’t agree to a compromise in time to pass reform before the new General Assembly was sworn in.
The state of Illinois has the worst funded pension system in the country and for years lawmakers have ignored the growing deficit. The system has 96.8 billion dollars in unfunded liabilities. Everyday lawmakers don’t act it costs the people of Illinois 17.1 million dollars.
Governor Pat Quinn gave the lame duck General Assembly a January 9th deadline to come up with a compromise that would address the pension situation. That deadline passed without a vote and now legislators have to start from square one with a new General Assembly.
In the coming days the state could see its credit rating downgraded again, which affects every level of government.
In a last ditch effort Quinn suggested legislation that would have created an independent pension commission whose recommendations would have become law unless majorities in both the House and Senate voted against them. Both Republicans and Democrats shut down that idea.
There’s no word on when the General Assembly will take up pension reform next.
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