Senate Democrats Hold Off On Quinn’s Borrowing Plan

SPRINGFIELD, Ill. (AP) — Illinois Senate Democrats bowed to Republican pressure and are not yet calling for a vote on Gov. Pat Quinn’s plan to borrow money to pay pensions.

Senate President John Cullerton told a committee Thursday he would continue talking to the GOP and try to resurrect the multibillion-dollar plan when the fall veto session begins in 10 days.

The Associated Press has declared Democrat Quinn has narrowly defeated Republican Sen. Bill Brady for governor based on an analysis of uncounted absentee and other ballots. Brady has not conceded.

Quinn wants to borrow $3.7 billion to pay the state’s annual obligation to retiree pension programs.

Republicans are resisting. They say the state can’t borrow more money when there’s a $13 billion deficit.

Cullerton says he will look for more budget cuts to persuade them.

  • bob

    These state worker pensions need to get restructured. Retiring at 52, 50% for 20 yrs, 75% for 30 yrs is just out of this world. Nobody in the private sector gets this. Everyone gets 401k’s that are worthles and pensions of about $27k. Let those already retired keep what they got and those not retired yet need to wait til 67 and get their $27k like the rest of us. Put it up for a referendum next time. Pension plans get restructured all the rime for business that want to save money or are in trouble. The state is 13 billion in the red. That qualifies for being in trouble!!

  • Kes Jecius

    Agree 100% with the comment by Bob above. Include the revision of of the Illinois Senators and Representative pensions.
    Make note that about 15 different communities in the Metropolitan Chicago Area have voted 10 to 1 to revise their communitiy’s pension plans. The County government need to do the same.

  • Senate Democrats Hold Off On Quinn’s Borrowing Plan | Borrowing from 401K

    […] not calling for a vote on Gov. Pat Quinn’s plan to borrow money to pay pensions. Read more on CBS Chicago Money Talks: 401k Retirement: What You Need to Know Aside from Social Security, for many American […]

blog comments powered by Disqus
Daily Weather Reports Delivered To You!SIGN UP NOW: Get daily weather reports every morning from meteorologist Steve Baskerville!
CBS Sports Radio RoundupGet your latest sports talk from across the country.

Listen Live