It will take a massive tax increase — and $2 billion more in cuts — to reach solvency, group says
February 22, 2010 BY DAVE McKINNEY Sun-Times Springfield Bureau Chief
SPRINGFIELD — To become solvent, the state must enact the largest tax-increase package in Illinois history, whack another $2 billion from already starved government programs and wrest major financial concessions from the state’ 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.