Climbing Crisis: Report Shows Illinois Debt at $22 Billion by 2018
By: Christie Nicks
Updated: February 25, 2013
The report comes from the Civic Federation.
Illinois' debt already stands at $8 billion.
The watchdog group says it could climb to about $22 billion dollars by 2018, and one reason why is the soaring pension costs.
"The credit rating agencies are not going to wait to further downgrade the state just because it's not politically convenient for the members of the General Assembly to reach a consensus on pension reform," said Civic Federation President, Laurance Msall. "We are in a very bad situation."
The report also found issues in the state's Medicaid system.
"The credit rating agencies are not going to wait to further downgrade the state just because it's not politically convenient for the members of the General Assembly to reach a consensus on pension reform," said Civic Federation President, Laurance Msall. "We are in a very bad situation."
The report also found issues in the state's Medicaid system.
