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Federal Bailout for Illinois on the Way?

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    Illinois Policy Institute CEO John Tillman on the state’s debt crisis.

  • Duration 3:11
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About a new general assembly in Illinois was sworn in yesterday and it faces that State's estimated.

96.

Billion dollar pension shortfalls -- -- billion.

Just from pensions.

Joining us now is -- tell them.

CEO of the Illinois policy institute John is a federal bailout on the way for Illinois first question obvious question is it.

-- and it is not coming up we can do anything about it sort Stewart and we thought that very hard we've tried for -- roadblocks under Durban has said he would not support it.

The house has said they would not supported by governor Quinn still wants one because it doesn't wanna face the truth that he have to reform pensions and a material way that's interest governor Quinn wants a federal bailout.

I mean did you know that he Rafidah Aziz come out and said yeah I really needed hasn't.

In the past he's alluded to -- want his sense denied that but he refuses to explicitly say I will not take a federal bailout -- any circumstances we continue to call for him to do that.

We have a horrible problem you quoted 96 billion dollars if -- used to normal discount rate it's really 200 billion dollars.

Another 54 billion an unfunded health care.

A retirement benefits and nine billion dollars and on the unpaid bills from the past we have a big problem requires a big solutions -- but if the governor is unwilling if -- if the politicians of Illinois -- -- willing to take big action.

That's on the on the the pensions all the nine billion dollars -- the -- you -- vendors within Illinois if you're not willing to take back big time action.

The you have to house a bail out all Hugo Boss.

I would be terrible have a -- for the rest of the country all your viewers the other 49 states many of those tapes during a responsible job managing their own finances should never support -- -- the congressional delegations from other 49 states should not support a bailout of the got a whole idea of federalism is that each state is responsible for its -- spending this would be like bailing out your -- when they -- in the pool when they couldn't afford it.

Or -- -- on a new family room back when before you -- wanna do that we shouldn't do that for the state of Illinois we've got to fix it ourselves and our growth solutions all the junk I am with you 100% yes you should.

Fix it yourself but I don't think you will.

I can see the day coming out on a wet but at some point people who lend Illinois money will say enough.

When not lending you any mall -- just not gonna do that point you've got a crunch and -- at that point I think.

That the the governor says hey I need some federal help.

-- what's interesting story that's a good point we pay 600 million dollars a year in -- extra interest cost because -- rating is so low and what's really fascinating to me what's going -- not you have super democratic majorities in both chambers -- a Democrat governor the Democrats have controlled this state for so long and you know with the press and opponents and the Democrat politicians are blamed for a failure to find a solution the Republicans.

It's amazing representative Tom Morris a Republican from the suburbs has been very courageous on this and people are trying to blame them.

When it's Mike Madigan John Thornton and Quinn who have the political power have to fix.

John please come on back because I'm -- in in -- deadline I mean when is the crunch donut companies this year and next yeah I I really wanna know that said about the US.

John Tillman thanks for joining us come back against him back -- -- --

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