The next act in the Illinois pension theatre drama is Governor Quinn’s announcement of a special session of the legislature to deal with the fiscal crisis on June 19.
This, of course, is designed to make the governor look concerned and masterful. The problem is that there doesn’t seem to be much chance this special session will produce more than photo ops and “Ain’t it Awful” stories.
In a special session, a two-thirds vote is required, rather than a simple majority. The existing house and senate proposals don’t seem very close to getting a simple majority in the other house (which could be done with only Democratic votes). Now with 2/3 required, the Republicans need to be convinced as well.
So, it’s just more posturing, while Fitch and Standard and Poors downgrade Illinois bonds further.
Previous post on this topic: http://mikekr.blogspot.com/2013/06/illinois-pension-theatre-thumbs-down.html