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Confronting the Fiscal Firestorm

Illinois is in the midst of a burgeoning fiscal firestorm. Governor Quinn has presented the General Assembly with two budget options for FY 2011 — a formal proposal that relies on spending cuts and borrowing and an alternative plan that includes an income tax increase. Despite anticipated savings from recently enacted changes in state-funded retirement systems, the General Funds (GF) budget faces a $13 billion deficit in the coming fiscal year.1 Meanwhile, public discussion of Illinois’ fiscal crisis continues to be distorted by misleading claims that the state’s enormous budget shortfall can be eliminated by spending cuts alone. Download and read report

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