CBS News Broadcast Part one

CBS News Broadcast Part two

Illinois is nearly bankrupt. For years, the state has spent beyond its means and ignored its unpaid bills and obligations. For FY2011, Illinois faces a projected budget deficit of $14-15 Billion and total debt of around $160 Billion. Most of that debt - $130 Billion – is related to public sector retirement programs.
The debt and unfunded obligations of the pension and retiree health care plans for state workers now totals about $130 BILLION. This crushing load has hurt the state's credit rating and made it more difficult and more costly to borrow money. It is crowding out our ability to fund public schools and universities, health care, and other essential public services. YOUR SHARE of that debt is about $25,000 per household.
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