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Sat04192014

Quinn: Pension Problem is Illinois' 'Fiscal Cliff'

    CHICAGO (AP) — Gov. Pat Quinn says the pension crisis is Illinois' own fiscal cliff.

    The Chicago Democrat spoke to reporters Monday during a breakfast event at Bloomberg's Chicago office.

    He's set a Jan. 9 deadline to overhaul the pension system, which is underfunded by an estimated $96 billion. On that day, new lawmakers will be sworn in after a lame duck session in Springfield.

    Quinn has spent much of this year talking about reforming the pension system and proposed rough ideas to address it. He also launched a social media campaign to rally the public.

    But he's also faced criticism for not being aggressive enough or fully backing a singular plan.

    Last week, lawmakers frustrated by inaction came up with their own proposal on pensions. Quinn calls it "intriguing" and a start.

    Read more http://www.chicagodefender.com/index.php/news/city/15474-quinn-pension-problem-is-illinois-fiscal-cliff

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