Illinois’ True Budget Hole is About 2X What’s Being Negotiated. It Won’t be Plugged. – WP Original
By: Mark Glennon* Governor Rauner and legislative leaders were widely reported today to be discussing how to fill a budget hole of about $7 billion. The real number is closer to twice that, and probably much higher. They won’t come close to eliminating the true deficit. Here’s why: That $7 billion is the difference between total income and total expenses projected for the 2018 fiscal year, which will start July 1 of next year. (The budget projected for the remainder of this 2017 fiscal year doesn’t indicate much because it’s for just half the remaining year and assumes