“We owe 9 billion dollars in bills, we have 100 billion dollars in unfunded liability in pensions; our budget is unbalanced, and our climate for creating jobs is atrocious. They point out that if we don’t correct this, immediately, we may not be able to recover.”
Cross added that continuing to spend money that the state doesn’t have, and has no idea how to pay back has not, and will not benefit Illinois.
Last week the State Budget Crisis Task Force reported that the current Illinois structural budget has become a drag on the overall economic performance of Illinois.
The task force is headed by US Federal Reserve Chairman Paul Volcker and former Lieutenant Gov. Richard Ravitch.