It was billed as a "day of pensions" in the Illinois House. But it turned into about a half-hour's worth as Illinois lawmakers continue having a hard time confronting the state's $100 billion problem.
There were four proposals reviewed on February 28, each more harsh than what's been discussed in other pension overhauls.
15% of the state budget in Illinois this year is going toward pensions. That means there's less to spend on other needs.
The gap between what has Illinois promised employees they will get when they retire and what the state has set aside to pay those pensions is $83 billion. State government would have to completely shut down for two-and-a-half years, and use all of that operating budget money on pensions, to pay off that debt.
