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Illinois To Delay Pension Payments Amid Budget Woes

By now, Illinois' budget problems are no secret.

Back in May, after the State Supreme Court struck down a pension reform bid, Moody's move to downgrade the city of Chicago thrust the state's financial woes into the national spotlight. 

Since then, the situation hasn't gotten any better and despite hiring an "all star" budget guru (for $30,000 a month no less), Bruce Rauner was unable to pass a budget in a timely fashion leading directly to all types of absurdities including everything from the possibility of shortened school years to lottery winners being paid in IOUs. 

Now, as Bloomberg reports, pension payments are set to be delayed.

A prolonged budget impasse in Illinois will force the state to delay pension payments because of a cash shortage, state Comptroller Leslie Geissler Munger said.

Here's a look at just how underfunded Illinois' pension system truly is: