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Panel weighs municipal bankruptcy; other options available, some witnesses say

SPRINGFIELD — Do Illinois cities need the option of filing bankruptcy? It’s something the state has to consider, says state Rep. Ron Sandack, R-Downer’s Grove. Sandack, a former mayor, is sponsoring House Bill 298, which would allow Illinois municipalities to seek reorganization under Chapter 9 of the U.S. bankruptcy code. Chapter 9, Sandack said, is somewhat similar to the restructuring available to individuals under Chapter 13 and businesses under Chapter 11, but it is by no means a get-out-...

Playing Accounting Games with Social Security

Earlier this month, the Congressional Budget Office released its “Updated Budget Projections: 2015 to 2025.” From that release, the media has widely reported that the projected budget deficit for 2015 is $486 billion. A budget should tell us about the balance of revenue and expense within our government. This budget doesn’t. The Congressional Budget Office (CBO) portrays liabilities as assets, loans as income, and debt as nothing. The presentation of the government’s finances defies logic, and...

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