Illinois state legislators may miss their monthly paychecks onWednesday, a tactic by Gov. Pat Quinn to convince lawmakers tomeaningfully address the state's massive pension debt.

If that happens, Credit Union 1 in Rantoul, Ill., is prepared tobail them out with low to no-interest rate loans.

Quinn announced on July 24 that he would use his line-item vetopower to zero out the $13.8 million budget for legislative salariesand leadership stipends, eliminating the state's ability to issuethe next round of monthly paychecks.

The tactic is designed to “hit them in the wallet,” the governortold the Chicago Tribune. Quinn also will suspend his ownsalary until the debt problem is resolved.

Legislators who are members of Credit Union 1 with direct deposit qualify for a 0% loan equalto half of their $5,800 monthly salary for the duration of 60 days,according to Paul Simons, president and CEO of the $750 millioncredit union. Those who are not credit union members qualify forsimilar terms, but the loan will be treated as an unsecured loan at10% interest.

Credit Union 1 serves several SEGs, including State of Illinoisemployees, but the program is only available to legislators. It'salso not the first time the credit union has come to lawmakers'rescue, Simons said.

The program was instituted during a similar state budget crisisin 1991, then resurrected in both 2007 and 2009, Simons toldCredit Union Times. The effort is similar to otheremergency loan programs that kick in during labor negotiations,employer shutdowns and other times when groups of members findthemselves without a steady paycheck.

Loan payments to the credit union also are suspended during suchperiods, Simons says.

The program, which has to date attracted only a handful ofparticipants, is in keeping with the credit union's commitment tomembers and does not reflect a political position within thecurrent situation, said Simons.

“There is no way we want to get involved in the dispute,” headded. “We're just trying to help our members.”