The Civic Federation released a report this morning on the Fiscal Year 2012 state budget that showed, despite cuts in spending and an increase in the state income tax rate, the state is still running a deficit of $5 billion largely due to added pension and debt costs.
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Results tagged “illinoisbudgetdeficit”
Illinois Still in Debt Despite Tax Hikes
Illinois Can't Afford Back-to-School Sales Tax Holiday
Illinois is so broke it won't be offering a back-to-school sales tax holiday this year. A tax expert says that's not necessarily a bad thing.
Quinn Signed Budget to Keep State GOP Away from Negotiations
While the nation watches Democrats and Republicans in Washington fail to work together, here in the Land of Lincoln the Democrats simply freeze out the GOP.
State Borrowing from Charity Funds to Pay Bills
This is how bad the budget tumbleweed in Illinois has become: the state is borrowing to pay bills from money earmarked on tax returns for charities.
Here We Go Again
Remember the budget clusterfuck down in Springfield last year, that sent the legislative session well into overtime and threatened to shut down state government? Well get ready for more of the same this year.
With less than two weeks until the budget deadline, there are a large number of unresolved issues that one legislator is saying will take a "miracle" to resolve. The Daily Herald interviewed several suburban state senators and representatives who agreed:
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"We'll be here forever," groaned state Rep. Mark Beaubien Jr., a Barrington Hills Republican.And don't forget, last year's overtime cost us over $1 million. But since Illinois is so flush with cash, that's cool, right? [D-H]
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