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Illinois seeks $13B for budget shortfall
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Steve Chiotakis: In the state of Illinois, finances are a mess. Later today in his budget address, Governor Pat Quinn will unveil how he plans to make up a huge shortfall there. Reporter Jay Field previews some of the proposals on the table to find $13 billion.
Jay Field: As you try mouthing $13 billion a few more times, here's some perspective, courtesy of Chicago budget analyst Laurence Msall:
Laurence Msall: The state of Illinois meets the classic definition of insolvency. That is, it is unable to pay its bills as they come due.
The situation is so dire, Governor Pat Quinn has put up a special Web site and asked everyone in Illinois for their input. Residents are suggesting all manner of fixes, from cutting everything except education to legalizing marijuana to generate tax revenue.
As for Governor Quinn, he is likely to propose cutting hundreds of millions of dollars from education, child care, the state police and local governments. Budget observers also expect him to push for some kind of tax increase.
And they're watching to see what, if any reforms, he comes up with to fix the state's broken public pension system. It's now more than $60 billion in the red.
In Chicago, I'm Jay Field for Marketplace.
If Illinois is 13billion shy and a total budget of 52 billion it means Illinois is approximately 25% short on its money. If that is the case all departments take 25% cuts. Illinois government employees making over $45,000/year including the governor, lt governor, state senators, house representatives take at least 25% pay cut and 25% pension cut.
Let Illinois fail, please. This is a government entity that tries to function like a business and has failed miserably. It should just be dissolved, put into receivership and have all of its assets auctioned off like any other failed business. We the people of this state owe nothing; not a penny more in taxes, not our sympathy and not another vote. Ever.
The proposed budget is a joke. Insolvent Illinois will be Bankrupt Illinois in 2011 and then a judge will get to balance the budget and the unions will get shredded. Bye-bye fat pension and health-care plans. These proposed 'token' cuts are nothing more than political self-preservation. I don't buy groceries on a credit card and neither should Illinois.
I always thought you fought for the people! You are taking away from our future in your education cuts and hurting our children. However all of you in Springfield are living high of the hog we have assistants to assistants, we have pork projects, we have tiff funds and the tax payer still is getting screwed. I pay way tooooo much to get no services. All of you in Springfield and Chicago need to be replaced with people who may look out for our students and our tax payers
