Press Detail

Illinois Record Budget Impasse Makes It Worse for the State's Pension Disaster

Posted on December 29, 2015

Bloomberg Business

This article discusses the state of Illinois ending calendar year 2015—six months into FY2016—without a budget. With the current budget impasse, spending plans have driven up borrowing costs, the state’s credit rating has sunk and underfunded pensions have worsened. According to the Civic Federation, Illinois is set to pay about $7.5 billion to pensions this fiscal year. The Civic Federation also noted that even with the record budget impasse, about one of every $5 dollars from the state’s general fund coffers is going toward pensions.