The special session will deal with Senate Bill 1, an education finance bill that contains an annual $215 million pension bailout for Chicago Public Schools.
Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.
Illinois state Rep. Barbara Flynn Currie has introduced a pension bill that is unfair to new and current workers, is potentially unconstitutional, bails out Chicago Public Schools’ pensions, and perpetuates Illinois’ broken pension system.
State lawmakers’ latest bill not only forces a failed “evidence-based” education funding program on Illinois, but also bails out Chicago Public Schools.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.