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June 6, 2013

Governor Quinn Statement on Moody's Downgrade
Legislators to Return to Springfield on June 19th

CHICAGO - Governor Pat Quinn issued the below statement regarding Moody's downgrade from A2 to A3, the second time Illinois' credit rating has been downgraded this week.

"Here we go again.

"Will two downgrades in one week be enough to convince the General Assembly that our pension crisis can't be ignored anymore?

"Time and time again over the past two years, I have proposed, asked and pushed members of the General Assembly to send me a comprehensive pension reform bill.

“Time and time again, failure to act by deadlines has resulted in the bond rating agencies lowering our credit rating, which hurts our economy, wastes taxpayer money and shortchanges the education of our children.

"Illinois taxpayers are paying a price of $17 million a day for the General Assembly’s lack of action on comprehensive pension reform.

"In its downgrade statement, Moody's said this: 'An A3 rating, while very low for a U.S. state, is consistent with the General Assembly’s inability to steer the state from a path to fiscal distress.'

"Legislators and their leaders know what they need to do to return Illinois to sound financial footing.

"I've contacted the Senate President, the Speaker's office, and both Republican leaders today about this emergency.

“I am calling the General Assembly back to Springfield on June 19th to finish their job for the people of Illinois.”


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