Budget Battle Update: Borrow!
The Illinois House of Representatives is considering plans to borrow our way out of the state's budget mess.
I’m at the statehouse tonight, where the Illinois House of Representatives is considering (and re-considering) a plan to borrow the state’s annual pension payment in an attempt to balance the budget.
The $3.7 billion borrowing plan went down earlier today 70-46-1 (it needed 71 votes). It failed even after the Democrats tried to entice Republican votes by tacking on an amendment authorizing $1.5 billion in new school construction — they basically tried to roll pension borrowing votes with more school construction borrowing. As if Illinois needs more borrowing.
They’re voting on the pension plan again tonight. If at first you don’t succeed, try and try again.
Or, you can balance the budget without tax hikes or borrowing while making the full pension payment. Find out more here.
**Update** The pension borrowing plan passed when it was voted on a second time. The vote was 71-44-2. Republicans voting in favor — thereby facilitating placing the state billions more in debt — includeRep. Bill Black and Rep. Bob Biggins.