CHICAGO (MAY 31, 2018) — On the last day of legislative session, Illinois lawmakers are expected to adopt an unbalanced budget that would spend far more than taxpayers can afford. Lawmakers had less than 24 hours to consider this 1,245 page spending plan.

The new budget proposal would spend $38.5 billion. Lawmakers claim the plan is balanced by relying on a number of assumptions that should invite skepticism from taxpayers. But revenue predictions from legislative and executive budget agencies indicate this budget is unbalanced by as much as $1.5 billion. This is dangerous because:

• This plan would add to Illinois’ backlog of bills, which currently sits at nearly $7 billion
• Overspending and adding to the state’s debt does nothing to address Illinois’ worst-in-the-nation pension crisis
• This bad spending proposal could open the door for lawmakers to call for tax hikes down the road, which Illinoisans can’t afford and which would harm the state’s economy

Illinois can afford to spend $36.9 billion, based on tying the growth in Springfield’s spending to long-run state economic growth.

Illinois Policy Institute budget experts are available in Chicago, Springfield and statewide to weigh in on the impact of this unbalanced budget and to explain how the state’s dysfunctional budgeting process highlights the need for budgeting reform.

Quote from Adam Schuster, director of budget and tax research:“Once again, lawmakers proved that politics is more important than their constituents. Instead of providing reforms to give tax relief to families and businesses that are struggling, they instead chose a politically expedient shortcut.

“If anybody is wondering why Illinois is failing, all they need do to is look at how this budget process played out. When the reality of the state’s dire fiscal situation finally dawns on lawmakers, they’ll need to find a way to address Illinois’ massive pension debt and unpaid bill backlog. If history serves as any guide, their first thought will be more tax hikes. Instead, lawmakers should reconvene midyear to tackle wasteful spending and develop a plan to start paying down state debt. Furthermore, lawmakers should adopt a spending cap to give Illinois residents confidence that the state will live within its means going forward.”