 According to Sen. Bill Brady, "there is a real sense of optimism in
the Capitol and leaders seem eager to work together, which is good
because cooperation and bipartisanship will be needed to address the
state's worsening budget crisis."According to a report released
this week by Comptroller Daniel Hynes, the state could be facing an
unprecedented $9 billion budget deficit -- double the budget hole
that Blagojevich faced when he took office in 2003.
The comptroller said the state will have $23 billion on hand when
the fiscal year begins in July, but Illinois' obligations are
approximately $32 billion. Even if the federal government provides
as much as $3 billion in the form of possible stimulus funding, that
could leave a $6 billion deficit that lawmakers and the governor
must address.
Although some have questioned the accuracy of Hynes' estimate,
most officials acknowledge that Illinois faces severe financial
problems.
Lawmakers give Quinn an extra month to look at budget
It's unknown how the new governor will fill the budget gap, but
lawmakers are giving him more time to pull together his fiscal 2010
budget proposal.
Quinn now has until March 18 to deliver his first budget address.
Many lawmakers are stressing the need to scale back programs and
halt any expansions, while others speculate that a tax increase of
some type is in the works.
[Text from file received from
Sen.
Bill Brady] |
