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IL House Again Rejects Borrowing Pension Money
SPRINGFIELD, Ill. (AP) -- The Illinois House has again rejected a plan to borrow money so the state can make its annual contribution to government retirement programs.

The vote makes it more likely that Illinois will delay its $3.7 billion payment to the troubled pension funds, or even skip it entirely.

Officials say losing that money would cost the pension systems $20 billion in interest and revenue in years to come. Pension executives say they would have to sell assets to keep making monthly payments to retirees.

Illinois leaders are trying to figure out how to meet the state's obligations despite a $13 billion deficit.

The idea to borrow money needed 71 votes to pass but got only 70. Forty-six people voted "no."

The bill is SB3514.
Online: www.ilga.gov

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05 25 10 by Newsroom
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