* The Quinn administration is considering selling off part of a big “asset” to pay off its debts…
Part of the borrowing could be covered by selling off the state’s rights to a portion of a massive legal settlement with cigarette companies, said David Vaught, director of Quinn’s budget office.
“We haven’t finished our proposal, but we would hope it would be in the range of $1 billion,” Vaught said.
The state now collects roughly $300 million annually under the tobacco settlement. The idea would be to sell off the rights to half of that for $1 billion upfront.
* The Pantagraph asks a question on most Statehouse minds…
The question remains whether [Gov. Quinn] will stick to his guns on such things as altering state employee pension plans, pay freezes and/or furloughs other cost-cutting measures. He hasn’t demonstrated that ability so far.
He backed away from the “doomsday” cuts to social service providers last year, backed away from pension cuts during a teachers’ union rally, etc., etc., etc. He has a lot to prove.
* Meanwhile, the governor had a cute little run-in with a precocious child yesterday while he was touting his tax hike for schools proposal…
Kids say the darndest things, but some times they manage to utter wise gems.
One Berwyn youngster gave Illinois Governor Pat Quinn a jolt when he asked the governor a tough political question.
“Why don’t you pay your bills?” the child asked Quinn as he met with protesters outside a Berwyn school that may cut some programs.
“I tell you we’re trying to get the money to pay the bills,” Quinn replied as the crowd chuckled.
Raw video…
* Related…
* A degree in 3 years? U. of I. looking at creating program - An accelerated program might work for 1 in 5 U. of I. students: president
* Quinn aide is among 5 finalists for top tollway post: Kristi Lafleur, deputy chief of staff for economic development and recovery, is among five remaining applicants for executive director, narrowed from a field of 33.
* Quinn Calls for Billions in Cuts, Education Surcharge
* Our View: No good options left to fill state budget chasm
* Quinn picks wrong school to illustrate need for tax hike
* Quinn defends school tax despite political odds
* Quinn Defends Plan to Fund Schools with Tax Hike