Special Session costs Illinois $40,000 a day

Posted on: 6:19 am, June 19, 2013, by

Illinois lawmakers return to Springfield Wednesday to try solving the state’s nearly $100 billion pension problem.

Public unions across the state would be affected by two separate pension bills going through the state house and state senate. Union workers say that Senate President John Cullerton’s bill is constitutional while House Speaker Mike Madigan’s bill is not.

Cullerton has come up with a plan called Senate Bill 2404. The bill saves the state about $45 billion over the next 30 years. According to the bill summary, employee contributions would go up one percent starting July 1st. They would go up two percent in July of 2014.

House Speaker Mike Madigan is supporting a different pension bill called Senate Bill 1. It is supposed to save the state more than $180 billion over the next 30 years. It caps the salary amount a person can make in their pensions. It also could shift social security costs onto local school districts.

The state spends $40,000 a day that its brings lawmakers back to Springfield. Illinois Governor Pat Quinn hopes the two lawmakers compromise their bills by early July.