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Illinois will delay pension payment because of cash shortage

OCTOBER 15, 2015 | by Elizabeth Campbell | BLOOMBERG

""We prioritize the bond payments above everything else," Munger told reporters. The pension payment delay was inevitable, said some who have been watching the budget gridlock. "This is just the tip of the iceberg," said Ralph Martire, executive director of the Chicago-based Center for Tax and Budget Accountability, which monitors Illinois finances. "Every month they go without resolving the impasse on the budget means it'll cost more to ultimately resolve it," Martire said. ... "This is a natural, predictable consequence if you do something called math."  Hmm.
 
 

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