Illinois Now Has a Budget, and a Huge Backlog of Bills to Pay

Jon Government

After going over two years without any kind of fiscal plan, Illinois’ state government now has a budget after the state’s legislature overrode a veto by the state’s governor to impose large tax increases on the incomes of the state’s residents and corporations. Unfortunately, Illinois’ legislature made no effort to address the state’s biggest liabilities.
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The Quad-City Times has the story:
Illinois finally has a budget plan after two years. Now, to start paying bills.
The Democratic-controlled Legislature’s vote last week to create a $36 billion framework over Republican Gov. Bruce Rauner’s vetoes ended the nation’s longest fiscal stalemate since at least the Great Depression. At the core of the budget was a $5 billion income tax increase.

This post was published at FinancialSense on 07/10/2017.