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August 20, 2015

Illinois has gone 49 days without a spending plan since the fiscal year started July 1 and there’s no end in sight. Rauner, the state’s first Republican governor in 12 years, and the Democrat-led legislature can’t agree on how to fix a $6.2 billion deficit that was left after temporary tax increases expired.

“The longer it takes them to put together a final budget agreement, the greater the cost,” said Ralph Martire, executive director of the Center for Tax and Budget Accountability, a Chicago-based research group. “The more they’ll have to raise in taxes, and the more they’ll have to cut in spending.”

Source: Bloomberg Business