After sweeping victories for Illinois Democrats in November, Mike Madigan is all but assured an 18th term as speaker of the House of Representatives when new members are sworn in Jan. 9. Madigan has already broken the record for longest-serving state legislative speaker in U.S. history.
Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.
Much like other plans in the General Assembly before it, the House Democrats’ budget plan does nothing to structurally reform state government and bring down costs, but instead increases the burden on Illinois taxpayers.
Like the “grand bargain,” the Brady plan and the Illinois Senate Democrats’ budget before it, the Illinois House Democrats’ plan relies on more than $5 billion in new tax revenues because it includes no significant structural spending reforms.
The budget plan proposed by Republican General Assembly members would raise taxes by over $5 billion without enacting any significant spending reforms.
Illinois needs to begin an end to its pension crisis by expanding access to a standalone 401(k)-style plan to all government workers; the new proposal by the House GOP does not accomplish this.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.