Illinois governor says pension woes hurting infrastructure program (Reuters)

December 10,. 2012 – Illinois’ inability to fix its woefully underfunded public pension system could derail plans by the state to continue to issue debt to fund an ongoing infrastructure improvement program, Governor Pat Quinn said on Monday. “You can’t do that building and issue those bonds if you have this severe situation overlooking you,” the Democrat governor said at a media briefing hosted by Bloomberg News, adding that the state could face more downgrades of its already relatively low credit ratings. That in turn could raise borrowing costs, leaving fewer dollars to spend on construction that boosts the state economy, Quinn added.

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