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To become solvent, the state must enact the largest tax-increase package in Illinois history and wrest major financial concessions from the state's unionized work force, a nonpartisan government watchdog contends.
In a new analysis of Illinois' ''horrific'' finances, the Civic Federation lays out the painful choices awaiting Gov. Quinn and the Legislature as they stare down an epic $12.8 billion budget deficit that has choked the flow of state cash to public universities and schools, transit systems and social-service agencies to the point of economic collapse...
[Note that continued spending is assumed...]
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Friday, February 26, 2010
'Doomsday is here for the state of Illinois'
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