Illinois May Face Downgrade If No Pension Fix, Quinn Says
This article is for subscribers only.
Illinois Governor Pat Quinn said the battle to control employee pension costs “is our fiscal cliff and we need to deal with it” or analysts in “green eyeshades” will lower the state’s credit rating again.
Quinn, 63, said there is “a clear and present danger” of another downgrade if state lawmakers don’t act in the closing days of the legislative session in early January to restructure a pension system saddled with $96 billion in unfunded liabilities.