Utica area Congressman Richard Hanna thinks state pension woes will be the next budget crisis for Washington as there will be pressure to bail out retirement plans that are trillions of dollars underfunded
Rep. Hanna says New York is among the more responsible plans even though here there have been years of pension sweeteners that leave the program funded only through virtue of requiring local governments to pay very large current year contribution for years to come.
Apparently many states, including the President's home state of Illinois, are in more dire shape.
Will state pension crisis be the tipping point? - The Hill's Congress Blog