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Quinn: Pension Problem Is Illinois' 'Fiscal Cliff'

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Quinn: Pension Problem Is Illinois' 'Fiscal Cliff'

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Quinn Talks Pension Reform

Governor Pat Quinn says the state's pension costs jump by $12 million each day and says the upcoming special session, not post-election, is the time to pass reform. Mary Ann Ahern reports.
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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 has 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.

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