Democratic Gov. J.B. Pritzker warned Friday the state faces a ballooning budget deficit and bill backlog over the next five years and said new revenue sources are being explored because cuts alone cannot resolve Illinois government’s structural spending imbalance. Still smarting over the loss of his proposed graduated-rate income tax amendment and the revenue that would go with it, Pritzker restated expectations of a $3.9 billion deficit for the budget year that ends on June 30. A forecast from his budget office project deficits of $4.8 billion in the budget year that starts in July and continuing in the $4 billion range annually, including $4.2 billion for the 2026 budget year.
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November 13, 2020 at 07:00PM