The state, which has worse credit than any other and has had chronic budget deficits, passed a fiscal plan this week that relies on new revenue sources to help pay down its massive debt.
After years of passing late budgets — or no budget at all — in the era of bitter partisanship under former Republican Gov. Bruce Rauner, Illinois this week finalized one of its most comprehensive spending plans in recent memory.
It’s a nearly $40 billion, blockbuster budget that intends to raise revenue by legalizing recreational marijuana and sports betting, and places a constitutional amendment on the 2020 ballot to change the state’s income tax structure. It represents a 2 percent spending increase, some of which will boost public education and child welfare funding. Lawmakers also passed an additional $45 billion infrastructure plan.
While signing the budget Wednesday, Democratic Gov. J.B. Pritzker, who took office in Janurary, said leaders had “achieved something that has eluded state government for decades — we passed a real balanced budget.”
BY LIZ FARMER | JUNE 6, 2019 AT 4:34 PM