URBANA — The University of Illinois Institute of Government and Public Affairs says there is no easy to repair Illinois’ chronic annual deficit.
An analysis released by the university’s Fiscal Futures Project indicates Illinois currently faces a $9 billion annual deficit that will grow to $14 billion by 2026.
Co-Director Richard Dye compares the state’s fiscal status to that of a person in deep credit card debt. He says the state hasn’t paid debt totaling $159 billion.
He says that is more than twice the inflow of revenue in a single year. Dye says solving the debt problem will require a long-term fiscal plan that includes tax increases, spending cuts and economic growth.
But those alone won’t solve the state’s fiscal problems. It says changes in expectations and policy are needed to restore fiscal balance.