- State forecasts a $721 million deficit for fiscal 2025
- Under Pritzker, Illinois earned nine credit rating upgrades
Illinois is facing its first budget deficit in three years as the state deals with rising costs for everything from education to services for migrants.
Governor J.B. Pritzker, a billionaire Democrat serving his second term, is scheduled to outline his spending plan for the fiscal year starting July 1 on Wednesday. After back-to-back annual budget surpluses, Pritzker will have to find ways to close a budget gap that is only expected to widen the next few years.
His budget office projected last week a $721 million deficit for fiscal 2025. Robust revenue growth at the beginning of fiscal 2024 has already shown signs of slowing while spending needs increase.
Bloomberg Politics
By Shruti Singh
February 20, 2024