Ill. budget challenges up next for Quinn
CHICAGO – As Gov. Pat Quinn prepares to deliver his latest budget proposal, there’s no overstating how ugly Illinois’ financial condition is.
Outside analysts in recent months have used phrases like “a deep hole,” a “downspin” and “not fiscally sustainable” to describe it. The New York bond houses have given Illinois the worst credit rating of any state in the nation.
The grim outlook persists despite recent efforts to improve it, from a 67 percent state income tax hike passed in the waning hours of the legislative session two years ago to last year’s $1.6 billion in Medicaid cuts.
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