Pension debt not growing as fast as thought

SPRINGFIELD -- Illinois' nearly $100 billion pension crisis isn't growing as fast as once thought. Since 2012, the Quinn administration has estimated the problem costs the state of Illinois $17 million each day it goes unsolved. 

But as the state entered a new fiscal year Monday, the administration said the number is more like $5 million each day. The governor says the number is still too big and is pushing the legislature to solve the problem.

Lawmakers met in special session last month and voted to form a conference committee to reach a compromise between two competing proposals. That committee met for the first time last Thursday and will meet again Wednesday.

The governor has set a July 9 deadline for the committee to reach an agreement.

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