Thursday, April 28, 2011

The 67 percent income tax rate increase Quinn and fellow Democrats approved in a January lame-duck session will bring in about $2.8 billion until the end of the budget year on June 30, but there’s “simply not enough money to go around,” according to the budget office.

Illinois Comptroller Judy Baar Topinka today said the state will end the budget year $8 billion "in the red” unless changes are made.
“The prescription for our financial recovery is simple: stop spending more than we bring in,” said Topinka, a Republican. “But sadly, that still has not occurred.”