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Quinn to Propose "Very Frugal" State Budget

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. more ›

Legislators Back To Work On State Budget

Legislators Back To Work On State Budget

State legislators are back at work in Springfield, trying to hammer out a budget that they failed to approve before they adjourned earlier this month. But state Dems are facing a May 31 deadline after which a budget will require a super-majority to pass. Which is probably why Gov. Quinn is pressing for a Friday deadline to cobble together and approve the new budget. more ›

Extra, Extra

Extra, Extra

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Congratulations, Illinois. It's A Budget!

Congratulations, Illinois. It's A Budget!

After a lot of hootin' and hollerin', it's finally done: we have a state budget. And one without an income tax hike. But with the state facing somewhere in the neighborhood of a $9 billion budget gap, how will the state actually manage to make ends meet? In a word: borrowing. The $26 billion spending plan depends on borrowing $3.5 billion to pay state worker pensions and around $3.2 billion in bills is pushed off to next year's budget, but the move means that most of the state services that were on the brink of getting cut will now remain. For now, anyway, as Gov. Quinn has the option to cut any additional money as he sees fit. Still, Quinn said the budget still puts the state between $4 billion and $5 billion down. more ›

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