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Senate Dems talk borrowing and pension notes

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Illinois

[Posted by Barton Lorimor]

* Most Senate Democrats were mum on the talking points of this afternoon’s caucus meeting. However, Sen. Louis Viverito said an unspecified amount or type of borrowing is being discussed. Take a look…

* Speaking with Christopher Wills of the Associated Press, Sen. Donne Trotter talked about issuing pension obligation notes. The challenge there, he said, is getting other Democrats on board with the idea…

* Both chambers canceled their weekend sessions and plan to reconvene at noon on Monday.

Round-up of afternoon stories:

* Quinn tones down rhetoric on income tax hike proposal

* Zorn: Illinois as a low-tax state

* House OKs revamping DuPage Water Commission

* Bill Banning Synthetic Cannabis Heads To Governor’s Desk

* City gets more time to privatize Midway

* Metra chief on leave as compensation is probed

* Metra board hires attorney to investigate its director

* Cook County Board acts to curtail Stroger spending

* Ford Heights village board member hit with drug charges

posted by Rich Miller
Friday, Apr 30, 10 @ 3:38 pm

Comments

OK, here we are on April 30, staring down a date with adjournment on May 7th and this is what we know:

-We have a $13 billion hole in the budget
-There are not enough votes for a tax increase
-There are not enough votes for massive cuts
-There are not enough votes for more borrowing

Does anybody think this situation will change in a week? Me neither.

Comment by 47th Ward Friday, Apr 30, 10 @ 3:45 pm
Does anybody think this situation will change in a week? Me neither.

The budget hole might get bigger?

Comment by OneMan Friday, Apr 30, 10 @ 4:16 pm
I am against a tax hike, but find it a better alternative to more borrowing. Borrowing just puts off judgement day and makes the problem worse.

Comment by Fed up Friday, Apr 30, 10 @ 4:37 pm
Pension Obligation Bonds? Whoopee!!!

What a racket - issue bonds and dodge the pension bullet until after November. Of course, the poor taxpayers will get get stuck with the same payment of money (in what, five years?) but this time with interest included! Yum, yum!!!

Unless memory fails, the State issued Pension Obligation Bonds LAST year to dodge the bullet that the State could not make its pension obligation, given all the other spending.

I guess the thinking is: if it all blew past the ever-gullible voters then, why not play the same tune again this year?

They should be called “Pass The Buck” Bonds.

Comment by Bubs Friday, Apr 30, 10 @ 5:09 pm
The alternatives are not simply borrowing vs. a tax hike. There are other possibilities including at least some minimal spending cuts (not really there yet under Quinn, according to many think tanks) and assuming that the economy will eventually recover and revenues will grow. They will.

Another problem from the ground zero middle class here is the possibility of eventual significant federal tax increases to pay down the federal deficit and for Cook County dwellers, the likelihood of increased property taxes this fall for many.

Comment by cassandra Friday, Apr 30, 10 @ 5:12 pm
We know Madigan in Quinn in combination lack the intelligence and fotitude to fix the budget crises they created. I just hope the main stream media calls them on it when they pass a 6 month budget to try to just blame Brady and the Repubicans when they have to shut the state down in January.

Comment by the Patriot Monday, May 3, 10 @ 8:32 am