Illinois won't make its next pension payment. State Comptroller Leslie Munger says she can't, because the state doesn't have the cash. IPR's Amanda Vinicky reports.
Illinois' government pensions are already the worst-funded in the nation. The massive liability grew thanks to the lawmakers shorting the funds. They used the money to pay other expenses instead.
Now, Illinois is set do it again. This time, the payment will be delayed because Comptroller Munger says there isn't money in the bank to make it.