Illinois Budget News: May 3

'Vote us out Nov. 2' an editorial from the Chicago Tribune:

They haven't sworn off borrowing. Or reformed how they spend money. Or fixed leaky ethics laws. Or given employers reasons to grow jobs here. Instead, Illinois legislators have spent four months enjoying the salaries and perks you lavish on them -- and now they're scheming to start a long summer vacation.

More of the same? The state doesn't have the $3.7 billion it owes to retirement systems in the upcoming fiscal year so legislators are considering IOUs.

Stuck with a huge deficit and no easy answers, Democratic legislators are considering a long list of budget maneuvers and quick fixes -- including a form of official IOU to government pension systems.

And from the Chicago Tribune, "With several budget options, legislators poised to borrow more, make cuts."

Are the City of Chicago pension funds on the brink of failure?

In Springfield, the State Journal Register offered two budget solutions that could work.

Seeking to find a solution on the state's budget crisis, William B.
Black (R-Danville), the deputy Republican leader of the Illinois House
of Representatives, wrote
an op-ed
in this morning's Chicago Tribune:

We must get spending under control before we consider asking
taxpayers for more of their hard-earned money. As Rep. Franks said, "We
won't get out of trouble unless Gov. Pat Quinn and Illinois legislators
have the courage to put a stop to the unchecked spending that got us
where we are today."

To that I will add that we need more action and less political posturing
to solve our budget crisis. The people of Illinois want solutions, not
empty rhetoric.

R. Eden Martin was on CBS 2 Chicago's Monsters and Money in the Morning today discussing the possible solutions to save Illinois.

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