Illinois Budget Deficit $1 Billion More Than Projected
The Illinois budget deficit is $1 billion more than initially predicted. Illinois Comptroller Leslie Munger, who signs checks for the state government, announced Tuesday that Illinois will be more than $6.2 billion dollars in debt by June 30.
She said that will hold true if the state continues its current rate of spending without a budget.
"If you had $6.2 billion, you could buy both of this year’s Super Bowl teams. You could buy the Willis Tower. You could buy a trip to the moon and back. In fact, you could buy all of these things and you would still have money left over," said Munger.
Munger said the deficit is higher than originally projected because court orders require the state to pay for some services such as Medicaid and it requires the state to pay employees, regardless of the cost.
In addition, the state is taking in $5 billion less in revenue because it allowed the income tax rate to drop last year.