Showing posts with label state budget. Show all posts
Showing posts with label state budget. Show all posts
12:41 PM
State Comptroller Judy Baar Topinka, Treasurer Dan Rutherford, Senate Minority Leader Christine Radogno and House Minority Leader Tom Cross say it’s time Illinois paid its bills with the revenue it generates.
Governor Quinn has mentioned borrowing more money so Illinois can pay its bills. This has the called the "restructuring" of debt by Governor Quinn. Basically this means borrowing more money to pay the back log of bills and to address the pension crisis. The only, but major problem is that's its far too expensive to borrow money. Illinois’ credit rating has sunk to 49th place by ratings companies Standard & Poor’s and Fitch, and the state is now dead last in the view of Moody’s.
Many efforts to implement more reforms and deeper budget cuts have been ignored or blocked by the majority party (Democrat) in Springfield. Many reforms have been introduced and held up including additional Medicaid and pension reforms which could save the state billions of dollars.
We have put forward a proposal that gives current employees options in an effort to stabilize our pension systems going forward. We have been meeting with interested parties this summer and hope to vote on a final product as soon as possible,” said Cross.
The four officials continue to offer to meet with Democrats at any time to find solutions.
Governor Quinn has mentioned borrowing more money so Illinois can pay its bills. This has the called the "restructuring" of debt by Governor Quinn. Basically this means borrowing more money to pay the back log of bills and to address the pension crisis. The only, but major problem is that's its far too expensive to borrow money. Illinois’ credit rating has sunk to 49th place by ratings companies Standard & Poor’s and Fitch, and the state is now dead last in the view of Moody’s.
Many efforts to implement more reforms and deeper budget cuts have been ignored or blocked by the majority party (Democrat) in Springfield. Many reforms have been introduced and held up including additional Medicaid and pension reforms which could save the state billions of dollars.
We have put forward a proposal that gives current employees options in an effort to stabilize our pension systems going forward. We have been meeting with interested parties this summer and hope to vote on a final product as soon as possible,” said Cross.
The four officials continue to offer to meet with Democrats at any time to find solutions.
6:15 AM
The Illinois state budget spending has increased according to a report made by the Illinois Policy Institute. A 2% increase means $34.2 billion in spending compared to $33.5 billion that's been originally reported.
Senate Democrats are requesting an additional $480 million in additional appropriations which translates to an additional $1 billion in spending! The formula for more debt is in place. Spending reduction demands need to be met so that Illinois businesses have a chance to grow.
Download the Illinois Policy Institute report here.
"The Illinois Policy Institute outlined a $27.6 billion budget plan that would have been sustainable without January’s tax increase. It included appropriate funding for core government services, and a full payment to the state’s pension funds and bondholders." - from the report
Senate Democrats are requesting an additional $480 million in additional appropriations which translates to an additional $1 billion in spending! The formula for more debt is in place. Spending reduction demands need to be met so that Illinois businesses have a chance to grow.
Download the Illinois Policy Institute report here.
"The Illinois Policy Institute outlined a $27.6 billion budget plan that would have been sustainable without January’s tax increase. It included appropriate funding for core government services, and a full payment to the state’s pension funds and bondholders." - from the report
4:21 PM
Seems Governor Pat Quinn has some explaining to do. For one thing he is too much like Blago. Quinn isn't seeing legislative leaders on a regular basis and to top that he has taken on House Speaker Madigan. This means to bring the state legislature back into session this week to perhaps pass a capital plan. Both Dems and Reps are for the plan.....enough votes to pass the House, and the Senate should follow suit.
The Springfield Journal Register has an excellent editorial on what Quinn should do. He'll have to go it alone if he decides to do so. Sometimes there aren't going to be anyone riding shotgun.
The Springfield Journal Register has an excellent editorial on what Quinn should do. He'll have to go it alone if he decides to do so. Sometimes there aren't going to be anyone riding shotgun.