Quinn: Pension problem is Illinois' 'fiscal cliff'

CHICAGO (AP) -- Gov. Pat Quinn says the pension crisis is Illinois' own fiscal cliff.

The Chicago Democrat spoke to reporters Monday during a breakfast event at Bloomberg's Chicago office.

He's set a Jan. 9 deadline to overhaul the pension system, which is underfunded by an estimated $96 billion. On that day, new lawmakers will be sworn in after a lame duck session in Springfield.

Quinn has spent much of this year talking about reforming the pension system and proposed rough ideas to address it. He also launched a social media campaign to rally the public.

But he's also faced criticism for not being aggressive enough or fully backing a singular plan.

Last week, lawmakers frustrated by inaction came up with their own proposal on pensions. Quinn calls it "intriguing" and a start.