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Quinn calls pensions IL fiscal cliff

Mon, 10 Dec 2012 16:54:35 CST
By: AP

Governor Pat Quinn says the pension crisis is Illinois' own fiscal cliff. The Chicago Democrat spoke to reporters during a breakfast event at Bloomberg's Chicago office. He's set a Jan. 9 deadline to overhaul the pension system, which is underfunded by an estimated $96 billion. On that day, new lawmakers will be sworn in after a lame duck session in Springfield. Quinn has spent much of this year talking about reforming the pension system and proposed rough ideas to address it. He also launched a social media campaign to rally the public. But he's also faced criticism for not being aggressive enough or fully backing a singular plan. Last week, lawmakers frustrated by inaction came up with their own proposal on pensions. Quinn calls it ``intriguing'' and a start.

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