Illinois’s Quinn Recalls Lawmakers as Debt-Rating Cut

Illinois Governor Pat Quinn called lawmakers back for a special session on June 19 less than two hours after Moody’s Investors Service cut the state’s credit rating, citing an unresolved pension crisis.

Legislators on May 31 adjourned without taking final votes on dueling proposals to reduce an unfunded liability of almost $100 billion in the state retirement system that grows $17 million daily. It was the third time in less than a year that politicians failed to pass measures to deal with the shortfall.