Illinois Pension Debt Increases at a Slow Pace

CHICAGO (AP) -- Gov. Pat Quinn says Illinois' massive pension shortfall is growing at a slower pace of $5 million a day.

A previous estimate put it at $17 million per day. But Quinn says taxpayers are still paying "a steep price" for the Legislature's failure to pass pension reform.

The Chicago Democrat says lawmakers must work "around the clock" to approve legislation addressing the crisis.

Illinois has the nation's worst state pension problem. But lawmakers have been unable to agree on a solution.

Earlier this month they voted to form a bipartisan committee to tackle the issue. Quinn has given them a deadline of July 9.

Quinn says the daily growth of the state's unfunded liability has decreased partly because the state has made its full pension payment for several years.