Wednesday, Gov. Pat Quinn is set to give his budget address for Illinois’ upcoming fiscal year, which starts July 1.
has more than $30 billion in its operating budget, but the state is saddled with $96.8 billion in its underfunded pension system and a $7.2 billion backlog of bills.
2011 state income tax increase, which raised the state’s individual income tax
rate from 3 percent to 5 percent, is due to expire at the end
of 2014. Having brought in $15 million for the cash-strapped state, making
the income tax increase permanent has been one proposed solution to Illinois’ fiscal problems.
has also cautioned he may have to cut $400 million in education
programs and $265 million from government budgets, ranging from the
General Assembly to courts, as an offset for Illinois’ staggering debt
problems. which resulted in the state receiving worst credit rating
in the country.
going to be an honest budget. It’s going to reflect the governor’s
budget priorities and hold the line on spending,” said
spokesperson to the office of Gov. Quinn, to the State Journal-Register
Quinn plans to run in a 2014 primary election and may be challenged
two high-profile members of his own party, Illinois Attorney General
Lisa Madigan and former U.S. Commerce Secretary Bill Daley.
you're the chief executive, you face challenges from the outside that
are not of your making," Anderson told
the Chicago Tribune
governor's job is to control the things he can and manage the elements
that are outside his control. But I'd say that we've been in a perfect
storm since the moment Gov. Quinn got here. We're facing the worst
recession since the Great Depression, decades of financial mismanagement
that has been culminating in the pension crisis and unpaid bills. And
you have to deal with that."