Sudden Movement on State Budget

Today, some sudden movement on the state budge crisis … a bill passed both the Senate and House in one day to increase the retirement age on state pensions. It is a sign that responsible fiscal actions are starting to get some traction. However, this one action hardly solve the state budget crisis. In fact, while it reduces pension spending over many years, it does little to address the immediate payment back-log that is hurting Chicago Commons. More responsible fiscal actions will also be needed, a combination of spending cuts, new revenue and short-term borrowing.