Budget Address

UPI/Bill Greenblatt

Illinois residents would continue paying a 5-percent income tax rate under the much-anticipated budget proposal Gov. Pat Quinn presented Wednesday. 

Illinois' income tax rate is supposed to expire in January, midway through the fiscal year. But Quinn says that would cause "savage cuts" to schools and other critical state services. Instead, the governor wants to make the higher income tax rate permanent.

(UPI/Bill Greenblatt)

Ill. Governor Pat Quinn will present his budget address in Springfield on Wednesday.

The state is reported to have the worst-funded pension system in the country - and has about $97 billion in unfunded obligations.

"Obviously, our pension reform will be part of the address, the need for getting that done right and getting it done now," said Quinn.

Quinn has said the pensions are unsustainable and are taking money away from other key government services.