Quinn to Propose "Very Frugal" State Budget

Gov. Quinn is expected to propose a state budget to a joint session of the General Assembly this afternoon that calls for $1 billion in budget cuts and no increases of additional taxes of fees, which may soothe the savage beasts still railing at the state income tax hike. Quinn's spokeswoman Mica Matsoff told reporters, “I’d say it’s a lean budget that focuses the burden upon all areas of state government." But the budget could still be dead in the water if Quinn moves forward with his proposal to borrow $8.75 billion to help pay off the state's bills.

Approval to borrow that much money requires a three-fifths supermajority and Springfield GOP leaders have said they will not support the plan. Quinn said that he'll still push for the plan, which he calls "debt restructuring,: saying that in addition to finally paying off the debts, the plan will save Illinois taxpayers money.

While the state is waiting for Quinn to unveil his budget, it postponed a $3.7 billion taxable pension bond issue originally scheduled to be sold this week to give investors time to absorb Quinn's budget proposals.