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Rutherford Weighs in on Budget Crisis
ILLINOIS--Earlier this week, Illinois' Chief Financial Officer warned, that the state is running out of money for a number of social services and workers' compensation.
Tonight, the state treasurer is weighing in on Illinois' finances.
Dan Rutherford said, agencies have downgraded the state's credit and bond ratings seven times, in the last two years, since lawmakers approved an income tax increase.
He said, those warnings, watches and reductions, haven't been enough to force the General Assembly to take action on pension reform.
Rutherford predicts, the pressure point will come, when the new projections for revenue are released.
He said, those numbers will show a gap of $340 Million between estimated revenue growth, and increased state payments for pensions.
Rutherford supports the Nekritz-Biss bill for reform, that proposal includes raising the retirements age, limiting cost-of-living adjustments, and requiring employees to contribute more to their own pensions.
He said, he's adamantly opposed to any plan to borrow money long-term to pay off pensions.
Some Democrats are proposing borrowing money to pay pay off the state's overdue bills.