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New Study Shows IL Deficit More Than $9 Billion

By Associated Press

Springfield, IL – A new report from the Civic Federation says Illinois Governor Pat Quinn's proposed budget artificially inflates how much money the state has to spend. The report released Monday says Quinn did not account for $971 million the state should set aside to pay for income tax refunds. Estimates show a budget shortfall, unpaid bills and Medicaid and insurance obligations could push the state's budget deficit to almost 9 and a half billion dollars. Civic Federation President Laurence Msall also says Quinn's plan to borrow money to pay bills will have an "enormous negative impact" on the state's finances and credit rating. The report says lawmakers must identify things in the budget to reduce or eliminate.