Pritzker’s magic beans: Growing a record-setting $55B Illinois budget – Illinois Policy

Prior to the address, the Governor’s Office of Management and Budget was projecting a $3 billion budget deficit as recently as last November. These projections estimated upcoming FY 2026 revenues would slightly decrease compared to 2025 levels. However, Pritzker’s proposed budget is now relying on upward revisions in expected revenues to fund most of his proposed spending increases. The budget proposal now claims the state is expecting revenues to increase by more than $1.5 billion compared to current year revenues. If these revenue projections do not materialize, taxpayers may be on the hook for future tax increases that the governor promised to avoid, cuts to state spending or some combination of the two.