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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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