Pritzker to seek federal aid, possible business tax increases

•November 18, 2020•
By Peter Hancock
Capitol News Illinois
phancock @ capitolnewsillinois.com

A new report from the Governor’s Office of Management and Budget shows that without significant new revenue, spending cuts or a combination of both, the state will face a budget deficit of $3.9 billion in the current fiscal year and continuing deficits of $4 billion or more in each of the next five fiscal years.
It also projects that the state’s backlog of unpaid bills could grow to as much as $33 billion by fiscal year 2026, up from the current backlog total of about $7.8 billion, if lawmakers do not make structural changes.
“Sizeable deficits in the general funds budget are projected for fiscal years 2022 through 2026, ranging from $4.8 billion in fiscal year 2022 and falling to $4.2 billion by fiscal year 2026,” the report stated.
The report does not actually predict that those deficits will occur. Instead, it is intended to show what would happen under the state’s current revenue structure and spending obligations.     Login or Subscribe to read the rest of this story.