The Governor is calling for $35.38 billion in general funds spending – basically, the state’s operating budget – but is only estimating general funds revenues of $33.93 billion – a budget deficit of $1.5 billion. The spending plan also requires lawmakers to approve an $8.75 billion borrowing plan, which at this point has no chance of being approved by the Legislature.
“He is asking to borrow $9 billion, on top of the $28 billion that he and Governor Blagojevich have indebted this state over the last eight years,” Senator Brady said. “His borrowing plan will put us in the unenviable position of being the single largest per-capita debtor state in the nation. All while he is spending another $1.7 billion more than last year. You can’t bring jobs to Illinois and keep jobs here by kicking the can down the road by the continuation of taxing, borrowing and spending.”
Governor Quinn’s budget plan includes a 67 percent income tax hike that was passed by a lame-duck Legislature hours before the 97th General Assembly convened on January 12. That increase is expected to bring in about $7 billion annually.
The 44th District Senator credits the Governor for proposing some program reductions and says that Republican lawmakers will work with him on those spending cuts.
The Governor’s budget proposal is the first step in a long negotiation process, and Senator Brady says he looks forward to working with his fellow lawmakers to craft a fiscal plan that reflects the spending priorities of 44th District citizens.
“It is my hope that the Legislature, a coequal branch of government, will be able to redefine state spending at a level that the people of Illinois can afford,” Senator Brady said. “The focus is on the highest priorities, but works in a way that fosters private-sector economic job creation for the hard-working families of Illinois.”