(Chicago, IL) U.S. Senate nominee Alexi Giannoulias and his family will walk away from their failing bank with as much as 15-million dollars in federal funds. Crain's "Chicago Business" reports that Broadway Bank's 75-million-dollar loss last year generated tax refunds worth between 12-million and 15-million dollars to the Giannoulias family. Giannoulias, who became state Treasurer in 2006, has said the family-owned bank, with more than a billion dollars in assets, will likely fail this week. His Senate opponent, Republican Mark Kirk, has blamed Giannoulias for most of the bank’s troubles, saying it was his work as the bank's senior lender that led to its eventual downward spiral.
(Chicago, IL) A new idea has been thrown on the table to keep Asian carp out of the Great Lakes. Jim Farrell with the Illinois Chamber of Commerce supports creating a so-called "dead zone" between Lake Michigan and the locks on Chicago's Sanitary and Ship Canal. Farrell explained reducing oxygen so the carp cannot live would prevent them from invading the Lakes. However, environmental advocates like those with the Natural Resources Defense Council argue the water would be bad for Illinois' residents and for the economy.
(Chicago, IL) A new report from a watchdog group says taxpayers are on the hook for 444-percent more in government pensions than a decade ago. According to the Civic Federation, the deficit for Chicago's largest public pension funds grew from three-point-four-billion-dollars in 1998 to 18-point-five-billion in 2008. However, retired workers are guaranteed benefits under the state constitution so if the funds run out, vital local services will be cut. Civic Federation president Laurence Msall said immediate action needs to be taken by the General Assembly to implement reforms.
(Springfield, IL) As the U.S. Supreme Court weighs whether to overturn Chicago's handgun ban, Chicago Mayor Richard Daley renewed his fight against guns in Springfield Monday. Daley was joined by several parents who have lost children to gun violence as he pushed for new statewide legislation that would restrict gun sales and stiffen penalties. Referring to the Supreme Court case, the mayor said he remains hopeful that justices will share his belief in the right of municipalities to enact "common sense gun laws." In 2008, Supreme Court justices overturned a similar ban in Washington, D.C.
(Undated) Governor Quinn's office reports his exercise in "electronic democracy" has elicited more than 12-hundred responses. Taxpayer suggestions on how to lower Illinois' nearly 13-billion-dollar deficit range from overhauling the pension system to legalizing marijuana. Quinn launched the website budget.Illinois.gov to consider such responses before delivering his budget proposal Wednesday. While many said they could not handle the burden of higher taxes next year, some actually asked for hikes to support state services and, in turn, help those less fortunate.
(Springfield, IL) Governor Pat Quinn will go on the record tomorrow to let lawmakers and the public know what they've suspected for quite awhile -- that Illinois' budget is bad shape. During his annual budget address, Quinn is expected to lay out a plan to bridge a budget gap that is as large as 13-billion-dollars. The Quinn administration laid out the framework of the budget on-line two weeks ago, allowing suggestions from the public on how to fix it. Quinn has not backed off on an income tax increase proposal he first floated last year. That, along with potentially large cuts to education and human services across the state are expected to be the cornerstones of the proposal.
(Champaign, IL) Newly minted GOP nominee for governor Bill Brady touched down in eight cities across the state Monday to kick off his campaign to win the Governor's mansion in November. During a stop downstate, Brady said he expects the economy and balancing the state's budget to be the key issues during the campaign. He says blanket cuts to all departments of state Government is the wrong way to go about saving money. Brady's was accompanied by his running mate, Lieutenant Governor nominee Jason Plummer.