Report: Illinois unpaid bills to hit $22B by 2018
CHICAGO – Illinois' backlog of unpaid bills will reach nearly $22 billion within five years if lawmakers don't take action to fix the state's worst-in-the-nation pension crisis, according to an analysis released Monday by a Chicago-based watchdog group.
The report from the Civic Federation notes some improvement since last year, when it was forecasting a $35 billion backlog in overdue bills. The improved outlook is largely because of $1.6 billion in Medicaid cuts Gov. Pat Quinn signed into law last year.
But the overall financial picture remains dire, with annual payments toward Illinois' $97 billion unfunded pension liability threatening to "swamp all of state government," Civic Federation President Laurence Msall said.
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