Illinois made national news this week when a respected think tank named it one of the top ten states in financial crisis.
A report issued by the highly-respected Pew Center on the States placed Illinois’ budget among the ten worst, thanks to the substantial difference between the amount of revenue Illinois takes in, and the amount the state spends. Illinois’ 47.3 percent gap between revenues and spending was second only to California.
Although state revenues in Illinois are down since the beginning of the recession, revenues have not dropped as significantly as in California and other states. In fact, the study shows that tax receipts in Illinois are actually marginally better than the national average.
Illinois’ $13 billion budget deficit was also reported to be among the three largest in the nation. The deficit is the result of overspending over the course of the last seven years, and was a primary factor in Illinois’ poor ranking. The study highlighted that “the state’s current budget still relies heavily on borrowing and paying bills late.”" /> Skip to Main Content
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