House GOP to Illinois: No federal bailout of state pensions

Illinois Governor Pat Quinn wrote in his 2012 budget that he was considering "seeking a federal guarantee of the debt" for the state's $85 billion unfunded pension liability.

Eight House of Representatives committee chairs and Chief Deputy Whip Peter Roskam of Illinois, joined by the rest of the state's Republican delegation, is telling Quinn and the majority and minority leaders of Illinois, "There will be no legislative bailouts from the U.S. House of Representatives."

These members of Congress are urging Quinn and those state leaders to get their pension obligations in order. "As you know, the Illinois public employee pension plans have $85 billion in unfunded liabilities," they write. "The cost of waiting is even greater as the unfunded liability hole grows with each day of inaction. Bold necessary reforms will take a strong commitment by State leaders to fix the problem. Yet, with the problem growing worse daily, now is the opportunity for true pension reform."

The Illinois General Assembly's veto session begins next week.

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