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Master Don Juan
http://www.stltoday.com/business/lo...cle_83853b6e-3851-5ed9-95a7-39f544f6c5d9.html
Special report: The man behind the fiscal fiasco in Illinois
As speaker of the Illinois House of Representatives, Michael Madigan has outlasted five governors and is now on his sixth. This year, the Chicago Democrat will become longest-serving state or federal House speaker in the United States since at least the early 1800s.
The speaker is one of America's most powerful politicians, presiding over arguably its most dysfunctional state capital.
Illinois is beyond broke. It is the first state in at least eight decades to go without an annual budget, according to the National Conference of State Legislatures. Its bond ratings, the lowest of any state, are near junk status. It is projected to have a budget deficit this fiscal year of $5.3 billion and owes vendors about $10.8 billion in unpaid bills.
Its pension system, serving more than 815,000 public employees and retirees, was tied with Kentucky's system for the lowest funding ratio among states, at 37.6 percent, according to a 2014 ranking by Pew Charitable Trusts. Unfunded liabilities stood at $129.8 billion last June, up from $2.5 billion in 1971, the year Madigan joined the Legislature.
Special report: The man behind the fiscal fiasco in Illinois
As speaker of the Illinois House of Representatives, Michael Madigan has outlasted five governors and is now on his sixth. This year, the Chicago Democrat will become longest-serving state or federal House speaker in the United States since at least the early 1800s.
The speaker is one of America's most powerful politicians, presiding over arguably its most dysfunctional state capital.
Illinois is beyond broke. It is the first state in at least eight decades to go without an annual budget, according to the National Conference of State Legislatures. Its bond ratings, the lowest of any state, are near junk status. It is projected to have a budget deficit this fiscal year of $5.3 billion and owes vendors about $10.8 billion in unpaid bills.
Its pension system, serving more than 815,000 public employees and retirees, was tied with Kentucky's system for the lowest funding ratio among states, at 37.6 percent, according to a 2014 ranking by Pew Charitable Trusts. Unfunded liabilities stood at $129.8 billion last June, up from $2.5 billion in 1971, the year Madigan joined the Legislature.
