State moves toward vote on borrowing $4 billion
SPRINGFIELD — The Illinois Senate on Tuesday set the stage for a final vote over whether the state should borrow about $4 billion to pay toward the retirement benefits of state employees.
The proposal moves to the Senate floor after a committee approved the plan by an 8-5 vote.
Senate President John Cullerton, a Chicago Democrat, said not paying into the state's pension funds this year would cost far more than $4 billion over the years — as much as $25 billion by 2045.
Still, with the state in a massive budget hole and billions of dollars behind in paying its bills, Republicans continued to oppose borrowing more money.
Senate Republican Leader Christine Radogno of Lemont said her party might be inclined to support borrowing eventually, but only if there's a comprehensive plan to pay for the loans and deal with the rest of the budget deficit.
“We aren't to that point just yet,” Radogno said.