Senate President John Cullerton (D) on a Budget “Grand Bargain”

From the City Club of Chicago: Sen John Cullerton talks about the legislative package he’s worked out with Republican Senate Leader, Christine Radogno, which contains tax increases, budget reforms, and a reform of the state’s education funding formula.

With Illinois now having gone two years without a budget, and the state currently operating without “spending authority”, there are colleges and nonprofit social providers operating without promised state funds, and increasingly in danger of closing down.

Meanwhile, the state’s credit rating is just one notch above junk status, and the pile of unpaid bills is approaching $12 Billion, with approximately $130 Billion in unfunded pension liabilities.