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With the state's fiscal year coming to a close, pension borrowing still hasn't passed the Senate and it doesn't look good. This is going to be a big political issue up through the elections, given that Bill Brady has been a vocal critic, and more broadly there's been a nationwide trend towards austerity in state budgets. But if borrowing gets punted, like so many other aspects of the state budget, failing to meet payment obligations will be more expensive in the long run (via).
Update: Paul Krugman on the austerity fad.