Apocalypse now? The consequences of pay-later budgeting in Illinois:

January 19, 2015

Apocalypse now? The consequences of pay-later budgeting in Illinois:

Updated projections from IGPA’s Fiscal Futures Model

Authors

For years Illinois has been spending much more than could be supported by sustainable sources of revenue and covering the deficit by issuing IOUs. New projections from the Fiscal Futures model put the magnitude of the underlying deficit at $9 billion for FY 2016—and growing thereafter. The accumulated value of all the IOUs issued to pay for past deficits now totals $159 billion. These IOUs represent claims on the state that when paid off will crowd-out spending on other priorities.


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Additional Resources

Research Area: Fiscal Health of Illinois

Policy Initiative: none

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