By Amanda Vinicky, Illinois Public Radio
Springfield, IL – A plan from Illinois Gov. Pat Quinn to borrow $4 billion to fund the state's pension system has stalled again.
Lawmakers returned to Springfield on Thursday solely to vote on the measure, which narrowly passed the state House last spring but a hit roadblock in the Senate.
None of the chamber's Republicans have changed their minds since then, said the Senate's top Republican Christine Radogno.
"If we just borrow, we're going to be right back here in a few months, still without enough money to meet our obligations," she said. "And then the money that we have to use to pay the borrowed money back puts us in an even bigger hole in a few months."
But Democrats like Senate President John Cullerton argued the $1 billion in interest payments is far less than the $25 billion long-term impact the state will feel by putting off pension payments. In order to fund the benefits currently owed to retirees, the pensions systems are collectively selling off $300 million in assets each month.
Cullterton said he'll continue to work to persuade some Republicans to sign on before the Senate returns for a veto session later this month. He'll also have to work to convince fellow Democrats as well, as a couple of his members do not support borrowing.
"What I'd suggest is, we have a couple weeks before we come back, we'll see if there's a way in which we can reach some support on both sides of the aisle for this," he said. "I don't think we can find $3.7 billion in cuts right away, but we can certainly find some."
Though Quinn had called for the special session, he was in Chicago thanking voters.