Illinois Governor Pat Quinn says he’ll be meeting with legislative leaders Monday to discuss pension reform. Lawmakers adjourned for the summer without agreeing on the best way to reduce benefits for state employees.
Quinn says that cost is cutting into other state expenses.
U.S. Senator Dick Durbin says the college student debt situation is "bordering on a crisis," and Congress should act soon to prevent it from getting worse. Durbin points out the rate on federally-subsidized Stafford college loans is set to double on July first.
Durbin says more than 350,000 Illinois students would pay an extra $1,000 for each loan if that happens, which he says is unfair for students and their families.
Lawmakers will be back in Springfield on June 19th after Governor Pat Quinn announced a special session of the state legislature.
Brooke Anderson, Quinn's spokesperson, says calling lawmakers back was a plan the governor favored all along... after they didn't reach a pension deal before adjourning for the summer. The decision follows two downgrades of Illinois' credit rating this week… both tied to lawmakers failing to come to an agreement.
A second major rating agency is downgrading Illinois' credit worthiness. Moody's Investors Service lowered the state's $27 billion in outstanding bond debt to A3 from A2. The new rating's three levels above junk status.