A golden rule of finance is this: Debt that can’t be paid won’t be paid.

The Illinois Senate’s proposed budget deal is full of tax hikes because it lacks the necessary spending reforms needed to right Illinois’ fiscal ship.

The Civic Federation’s budget plan repeats old mistakes with multibillion-dollar tax hikes and no serious, structural reform.

A new report from the Commission on Government Forecasting and Accountability shows Illinois has experienced falling tax collections, which may indicate trouble in the state economy; spending reforms – not tax hikes – are what Illinois needs to right its fiscal ship and boost economic growth.

Illinois state senators are considering a budget with massive tax hikes, but is short on critical pension reforms, which would save taxpayers billions.

Nearly two-thirds of all school districts – and by extension, taxpayers – pick up some or all of each teacher’s required contribution.

Illinois spends more money on retirement costs than on university operations – and tuition keeps rising to prop up this overspending. Instead of hiking taxes to maintain current spending habits in higher education, politicians should shift priorities from propping up six-figure administrators to keeping tuition affordable for students.

Consolidating Illinois’ 859 school districts will lead to greater efficiency and help stem rising property taxes.

The status quo isn’t working for Illinois; the state needs serious reforms to get its spending under control, pay down its debt, and rein in the taxes that are driving its people across state lines.