Pension idea advances

Senate Democrats advanced a plan Thursday night to borrow $16 billion for pension debt and free up scarce money for other budget needs, but it still faces tough hurdles. A Senate committee voted 6-0 for the idea -- pushed by Gov. Rod Blagojevich's administration -- that would essentially trade high-cost pension debt for lower-cost debt, trying to save the state long-term costs while making up a major shortfall in its funds for state retirees. But as the plan heads to the full Senate, it faces sharp criticism from Republicans who walked out of the committee hearing before the vote after a heated exchange with Democrats. State government now has a $42 billion debt in its pension systems, a major money problem that grows by 8.5 percent interest each year.