Archive for May 2010

Illinois Budget News: May 28

Illinois is facing a $13 billion budget deficit and doesn’t have enough money to pay its bills…and our lawmakers have skipped town. Faced with the opportunity to address the financial problems burdening our state, our elected officials – respectively – declined, staving off a vote on the pension borrowing bill and sending an unbalanced budget... Read more »

Illinois Budget News: May 25

Budget discussions resumed yesterday in Springfield with Gov. Quinn still pitching a “long shot plan” to borrow $3.7 billion for a pension payment. However, Sun-Times reporter Steve Contorno writes that without Republican support, the pension payment is likely to get skipped, ultimately costing the state billions more in the future – ahem, billions more? While... Read more »

Illinois Budget News: May 21

Skip, borrow or defer – the Illinois legislature is still weighing its options on pension payments. And, like social service organizations and businesses, teachers’ anxieties over the health of the pension systems are apparent. “I keep hearing about the fact that our pensions are not funded,” prefaced Alex Skipworth, a teacher at Kingsley Elementary School.... Read more »
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Illinois Budget News: May 20

Another day full of news – and after the release of a research paper by Northwestern University’s economist Josh Rauh – its no wonder. You may remember in February, the Pew Center for the States released a report saying  the states are facing a $1 trillion discrepancy between promised employee retirement benefits and those they... Read more »

Illinois Budget News: May 18

The Chicago Tribune’s Dennis Byrne and Eric Zorn discuss what’s next for the Illinois budget with some idea swapping and back and forth number crunching. Like everyone else, they’re waiting with anticipation to see where this budget is headed. How can Illinois (aka Greece) climb out of its deep budget hole? Governor Quinn said we’ll... Read more »

Illinois Budget News: May 17

Another Monday and another great collection of editorials and news clips from the weekend and today. To start, we would like to quote the enitre editorial from the Chicago Tribune this morning, “Springfield’s lost boys“, but we’ll start with the opening paragraph. The full piece is a must read and calls on lawmakers to cut... Read more »
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Illinois deep in debt, doesn't pay bills

For months, we’ve been trying to get the word out about Illinois $130 billion fiscal crisis. Throughout our campaign, it has been important to let people know the impact this drastic deficit would have on their lives and their communities. Yesterday, the Associated Press wrote how the crisis is pushing businesses and organizations to the... Read more »

Illinois Budget News: May 13

Illinois’ $3.7 billion dollar pension payment is causing problems everywhere you look. Legislators first decided they wouldn’t even make the payment, which would cost our children and grandchildren up to $40 billion according to actuaries, says Sen. Dave Syverson, R-Rockford. Yesterday, Governor Quinn said borrowing should be part of a state budget compromise: “For those... Read more »

Illinois Budget News: May 12

Greece has been grabbing international headlines for weeks now as they struggled to avoid insolvency. The world came to their rescue, but is the United States and many states, including Illinois, making the same mistakes? The Chicago Tribune editorial board thinks so (Greece and Us): If Americans want to avoid the fate of today’s Greece,... Read more »
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Illinois Budget News: May 11

So, legislators balked at passing a budget. Sadly, that’s nothing new. Here are some great editorials and stories outlining our state’s dire situation and our irresponsible lawmakers: State Journal Register, Lawmakers hit new low in irresponsibility Borrowing money to pay pensions is irresponsible. Not borrowing it and delaying or skipping the payment reaches a whole... Read more »