GOVERNOR PAT QUINN SAYS HE WILL CALL THE FOUR LEGISLATIVE LEADERS TO A MEETING IN EARLY SEPTEMBER TO WORK ON PENSION REFORM.
THE GOVERNOR SAYS HE’S NOT SURPRISED STANDARD AND POOR’S DECIDED TO DOWNGRADE THE STATE’S CREDIT RATING…AND HOPES THIS SERVES AS A WAKE UP CALL TO LEGISLATORS WAITING UNTIL AFTER THE ELECTION TO TAKE ACTION ON PENSION REFORM.
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QUINN ADDS THE MOVE WAS NOT UNEXPECTED…SINCE LAWMAKERS HAVE FAILED TO ENACT ANY CHANGES TO PROP UP THE STATE’S SEVERELY UNDERFUNDED PENSION SYSTEMS. HE SAYS IT’S A PROBLEM THAT CAN’T BE IGNORED.
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THE RATINGS DOWNGRADE MEANS THE STATE WILL LIKELY HAVE TO PAY MORE IN INTEREST WHEN IT BORROWS MONEY FOR THINGS LIKE CONSTRUCTION PROJECTS.