[Bumped up so the live blogging is more visible. The governor’s Chicago press conference starts at noon and you can listen or watch by clicking here.]

* I told subscribers about this today, and the Tribune has now posted a story about how Gov. Quinn will veto HB 7, the campaign reform bill which has been whacked by just about everybody…

Gov. Pat Quinn today will veto the high-profile campaign finance bill that he once hailed as landmark, choosing to side with critics who say it is riddled with loopholes, an administration source confirmed.

“The governor made the decision to veto based on feedback from the community and legislative leaders and the belief that lawmakers can do better,” the source said. […]

Press aides for Madigan and Cullerton said they would attend Quinn’s announcement. Cullerton’s spokeswoman said he will attend the governor’s press conference to demonstrate he supports campaign finance reform and will continue to work on the issue despite the veto. […]

But it was unclear how Quinn’s change of heart will go over more broadly with fellow Democrats and whether it will spur lawmakers to pass a new version of fundraising restrictions when they meet in October for the fall veto session.

Senate Republican Leader Christine Radogno also supports the veto.

The governor’s press conference will be broadcast live today at noon. We’ll use this as a live blog. Click here to watch or listen. I’d suggest you just listen, since the video conked out during yesterday’s presser.

Thoughts?

*** 12:13 pm *** The hour of noon having arrived, the governor’s presser has begun.

* Speaker Madigan, President Cullerton, Leader Radogno, Dawn Clark Netsch (who’ll provide reformer cover) and others are at the presser.

* A large good government coalition has just issued a press release supporting the veto…

CHANGE Illinois! is pleased to support the Governor’s decision to veto HB7, the legislation intended to establish campaign contribution limits for Illinois’ public officials.

Our coalition has repeatedly called on the Governor to either veto or amendatorily veto this well intentioned but flawed piece of legislation. His action today indicates that he and the state’s legislative leaders do want to create a workable and effective system of contribution limits.

Melissa Hahn of the Illinois Radio Network is live-Tweeting, as is Todd Feurer. Now, on to the live-blogging…

* Quinn admits he testified on behalf of the bill he’s about to veto, but says he said at the time that it was “not a perfect bill.”

* The governor said he believes the October veto session will be “noteworthy” for all it accomplishes. He wants a new reform bill during that session. We’ll see.

* He’s just announced he’s vetoing the bill.

* Speaker Madigan takes the podium: “I agree with the decision they have made… for the governor to veto the bill so we can go back to ground zero.” Won’t comment on specifics.

* President Cullerton: “We have asked the governor to veto the bill.” … “We engaged in lengthy discussion, it’s a very complicated issue… making some progress but we have not reached a final agreement yet… Timing of the bill having to be vetoed or signed [veto is the best way to go].”

* Leader Tom Cross: “We accept your offer to work with all the people involved… and pledge to work with you to have a real bill.”

* Leader Radogno: “I want to applaud the governor for taking this action… There was tremendous pressure on the governor to go ahead and enact a bill… [that could have] made it worse.” … “Very imperative that all parties be at the table.”

* Cindi Canary: “Very pleased and very proud to be up here today… I commend them for their willingness to return to the table… [Spring session] accomplished quite a lot.”

* AARP: “The governor and legislative leaders have recognized that HB 7 is not real reform.”

* Questions from reporters.

Quinn really needs to start answering questions from reporters, rather than just filibustering absolutely everything. Seriously, would it hurt too much to just answer one or two questions rather than droning on and on and on about nothing every single time?

Quinn on his reform commission, which is now actually defunct: “They’ll be involved in the process.” No commission members appear to be present at the presser.

Madigan won’t take reporters’ questions: “I’ve finished with my comments, thank you.” MJM said he had relied on Sens. Cullerton and Harmon to negotiate the bill and wants them to comment.

Cullerton: “I don’t think we should negotiate here the improvements.” … “The bill that passed did have campaign limits… and he praised that at the time. … We want to make sure there are no loopholes that are unintended. There are constitutional issues that are very tricky. … If the governor signed the bill and then we did a trailer bill, that might have sent the wrong message. That’s why we asked [Quinn to veto in total]. … The federal government has been used as a model by many people, but the federal laws have their own deficiencies… Sometimes you can look at the federal model and sometimes you can’t. … When I came to the Tribune editorial board… we hoped we could get an agreement by today. … I didn’t say there were any flaws, I said there are ways we could improve it.”

Quinn: “If you had said a year ago that this agenda would be enacted into law within a year, most people would not have believed you. By the end of October we’re going to have an even fuller of agenda of ethics reform. … Collaboration, cooperation, working together as a team, that moves Illinois forward.”

Quinn: “I’d rather make it better than to not do it right.”

Quinn: “I know from my travels across Illinois that people are very happy with my leadership. It’s steady leadership that’s getting things done.”

Cullerton: “We asked him, the sponsors, asked him to veto this bill. … He’s not flip-flopping, he’s doing what we’ve asked.”

Canary: “We often slam our elected officials for not having a backbone, for not listening to us, for flip-flopping. [Quinn and others] should be commended. … They’re doing something very brave today. … spent over two years on the pay to play bill… it can be frustrating, but people of good will can make a difference. … I would respectfully request that people withhold some of this judgment until October.”

Cross: “If you’re gonna do this in a bipartisan way, include everybody. … It needs to be done right and it needs to include everybody.” Cross also said today’s bipartisanship does not mean that an income tax hike is closer to reality. “No” was his answer.

End of questions. Nobody asked Quinn about his recent amendatory vetoes on the topic of ethics. Strange. Then again, he didn’t issue a press release, so most Chicago types wouldn’t know those AV’s existed.

* 12:57 pm - Quinn has just vetoed the bill. Thanked everyone for coming. End. The mic is still hot, so maybe we’ll hear something interesting. [Spoke too soon. Mic is now off.]