Fiscal Fallout No. 4

January 10, 2011

Fiscal Fallout No. 4

Alas, even the tax increases proposed are not sufficient to close the state’s enormous budget gap

Authors

The $12.2 billion in borrowing proposed in January 2011 to cover the payments backlog and the half-year of tax increases does eliminate the budget gap for FY 2011 which ends June 30, 2011. But for FY 2012, when the new debt service is added to other obligations, even the significant tax increases and restraints on spending growth are not sufficient to eliminate the state’s budget gap.


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Research Area: Fiscal Health of Illinois

Policy Initiative: Fiscal Futures Project

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