Illinois is going over the cliff.
Jan. 3 (Bloomberg) -- Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.The jig is up, but they're deluding themselves just a little bit longer.
The legislative session that begins today will take aim at a budget deficit of at least $13 billion, including a backlog of more than $6 billion in unpaid bills and almost $4 billion in missed payments to underfunded state pensions.
Lawmakers meeting in Springfield will consider spending cuts, an expansion of casino gambling and a proposal from Democratic Governor Pat Quinn to borrow $15 billion to pay overdue bills and help fill the budget hole.It's like watching an alcoholic hit bottom. The solution is gambling and borrowing? Good luck with that, boys.