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Lawmakers in Illinois say they have reached a tentative agreement to fix the state’s US$100-billion ($105.8-billion) unfunded pension liability.
While no details were released, both Democratic and Republican leaders say they agreed on a proposal.
“I look forward to working with the leaders and members of the general assembly over the coming days to get this job done for the people of Illinois,” says Pat Quinn, the state’s governor.
Both sides have been working on a way to reduce the deficit—the largest in the country—since the summer.
Ratings agency Fitch cut Illinois’s credit rating in June after an earlier effort to pass public pension reforms failed.
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