* The Daily Show’s Jon Stewart gets it…

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* And the New York Times missed the memo…

Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.

But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government’s aid.

Illinois’ pension problem is quite large. Scary large. But there was that tax hike last week which took care of most of the state’s structural deficit. Perhaps Texas or New Jersey, which are skipping pension payments yet again, would’ve been a better example. That would require an alteration in the media meme, so don’t bet on it.

* But…

The state’s stack of unpaid bills will soon double despite an income tax increase, according to state Comptroller Judy Baar Topinka.

The four year, temporary personal income tax hike of 67 percent was approved on the final day of the previous Legislature and recently signed by Gov. Pat Quinn. In part, the income tax hike is designed to help Illinois catch up on past-due bills and stop being delinquent on its payments.

“Our current backlog of bills stands at $6 billion, and the increased revenues will help address this backlog,” said Kelly Kraft, spokeswoman for the governor’s Office of Management and Budget.

Not quite, according to Topinka, who is in charge of Illinois’ checkbook.

“By the time we get through four years from now and all of this and what they’re able to spend, we will probably have a debt of $12 billion of unpaid bills that have yet to be dealt with,” the Riverside Republican said.

Then again, the borrowing bill which stalled last week (and would pay off the overdue debt) isn’t factored into her estimate. And Topinka’s $34 billion revenue estimate for the coming fiscal year is about $2.6 billion below what I’m told will be the governor’s new FY 2012 estimate, which should be released today.

* Related…

* ADDED: Study: States don’t need bankruptcy option

* ADDED: Impact of higher taxes unclear on real estate market

* Jim Nowlan: Illinois paying for past sins

* UI trustees aim to keep tuition close to inflation