Tuesday, January 4, 2011

Blue State Meltdown: Illinois Has Days to Plug $13 Billion Deficit

While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted SanDiego, and Loom as the Next Financial Crisis
Liberal social programs and powerful public employee unions have taken a toll on the state of Illinois. They are facing a $13 billion deficit and few good options.
states financial crisis
(Bloomberg)- Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.

The legislative session that began today as the House convened will take aim at a budget deficit of at least $13 billion, including a backlog of more than $6 billion in unpaid bills and almost $4 billion in missed payments to underfunded state pensions.

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