Illinois Pension debacle

Illinois won't make its next pension payment; Comptroller Leslie Munger today announced she can't, because the state doesn't have the cash. 

The interim CEO of Chicago Public Schools says approximately 1,400 jobs will be "impacted" after the district had to borrow money to make a $634 million pension payment. Jesse Ruiz says the district must make $200 million in cuts. He blamed Illinois lawmakers that he says failed to address CPS' financial crisis. Ruiz didn't elaborate on how the jobs would be affected, and a spokeswoman didn't respond to questions.  A city official says a plan will be laid out Wednesday. Tuesday was the deadline for CPS to make the payment.