Illinois faces a $3.2 billion deficit next fiscal year, forcing potential tax hikes or spending cuts.

Illinois faces a $3.2 billion deficit in the fiscal year starting July 1, despite current revenues being on track. Federal stimulus funds and a strong economic recovery helped in the previous year, but with one-time funds no longer available and the economy slowing, flat revenue projections and rising spending are causing concern. Governor JB Pritzker and the new General Assembly will need to address the deficit, potentially through spending cuts or tax increases.

2 months ago
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