Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
Fiscal notes serve as price tags on bills in the General Assembly. Lawmakers’ habit of omitting them limits their ability to make well-informed decisions.
State senators voted to approve the 1,245-page budget just hours after it was made public.
Agreeing on how much money one has to spend is a basic first step of budgeting.
Lawmakers should voluntarily adopt a spending cap to give taxpayers the certainty they deserve.
The worst years of the Great Recession are in the rear view. But if the latest gloomy fiscal forecast is any indication, Illinois' persistent policy mistakes will drag down its economic performance well into the future.
The October briefing from the Commission on Government Forecasting and Accountability outlines Illinois’ weak growth, and projects more of the same.
With the 2018 budget set to spend at least $1.3 billion more than it takes in, members of the General Assembly have hoodwinked Illinoisans once again.
The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.
Credit rating agencies have warned Illinois’ credit could slide into junk territory if the legislative session ends in May without a budget deal to get the state’s finances back on track.
The latest report from the Commission on Government Forecasting and Accountability shows Illinois experienced falling tax collections, indicating trouble in the state economy. Spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.