Friday, Dec 6, 2013
Fixing Illinois Financial Issues Won't Be Easy
CHICAGO (AP) - It's uncertain whether Illinois lawmakers will address the state's nearly $100 billion pension shortfall when they return to Springfield for the final week of the fall legislative session.
But even if they do, Illinois won't be out of the woods financially.
That was the takeaway of a sobering new study by the University of Illinois Institute of Government and Public Affairs Fiscal Futures Project.
Professor Richard Dye is one of the report's authors. He tells The Associated Press that Illinois' finances are in such bad shape it will take a multipronged approach to fix it.
The study also found that even if lawmakers make the temporary income tax hike passed in 2011 permanent, the state is still on course to have a more than $7 billion budget gap by 2025.
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11/2/2013 1:31:20 PM (GMT -5:00)
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