The following analysis of Illinois financial situation from the Commission on Government Forecasting and Accountability was requested by State Rep. David McSweeney:
Here is McSweeney’s reaction:
With expected deficits of $6.3 billion in Fiscal Year 17 and $7.7 billion in Fiscal Year 18, Illinois is imploding.State debt is increasing, overall spending is dramatically rising, our bond ratings are being downgraded and our college students and most vulnerable citizens are being harmed.
If we don’t act soon, Illinois will have $23 billion of unpaid bills next summer.
The Governor needs to call the General Assembly into special session every day until we pass a balanced budget without a tax increase.
Legislators should refuse to accept daily per diems for the special session.
Let’s stop the madness and pass a balanced budget now.