* 9:40 pm - Posted by Mike Murray…
* Governor Quinn, speaking after a lengthy meeting with the four caucus leaders, announced a ‘meeting of the minds’ had coalesced around the concept of a pension obligation note.
A pension obligation note -basically a short term bond- would most likely have a 5 year term. The pension note will allow the IL to make all constitutionally required pension payments for the coming fiscal year.
The perk, according to Quinn, is that note will free up between $2.2 and $2.3 billion to help balance the budget.
Quinn expects the GA to pass the pension obligation note bill tomorrow.
* Leadership also agreed upon the need for further cuts in the state’s operating budget.
The size and scope of these additional cuts are still to be determined. There has been some talk in the Senate of an additional $1 billion in cuts from the operational budget, but the Governor did not commit to that figure. No specific departments or programs were identified as possible areas of saving.
Once a figure for the cuts is agreed upon, Governor Quinn will determine where the cuts will fall.
* The possibility that the GA will pass a new budget by July 1, already considered to be long-shot, has shrunk considerably.
Quinn said the Legislature’s focus tomorrow will be on passing the pension obligation note. Additionally, the Governor does not expect the GA back until Tuesday, June 30.
Considering that the Governor did not repeat his call for a new budget before July -and given the fact that tuesday is the last day of the current fiscal year- it appears that Quinn has backed away from his demand for a new budget to be passed before the new fiscal year.
* The raw video from the press conference will be posted shortly.
* 9:47 pm - Gov. Quinn’s press conference: part 1…
* 9:53 pm - Gov. Quinn’s press conference: part 2…
* 9:55 pm - Gov. Quinn’s press conference: part 3…