Illinois politicians vote to divert $300M from state coffers to fuel local spending

Despite Illinois’ billions in deficit spending and skyrocketing debt, the Illinois House of Representatives passed House Bill 278, which would transfer an additional $300 million per year of state income tax funds to local governments, continuing to prop up local overspending that fuels high property taxes.   The Illinois House of Representatives voted March 7 …

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Interest on Illinois’ pension debt is $9.1B per year

Interest on Illinois’ pension debt is $9.1B per year Illinois isn’t covering the interest payments on its pension debt. Those interest payments total $9.1 billion a year. From Illinois policy March 2017 A golden rule of finance is this: Debt that can’t be paid won’t be paid. Illinois isn’t covering the interest payments on its …

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Illinois has been without a state budget for almost two years

  From Illinois Policy  By John Tillman Illinois has been without a state budget for almost two years. I talk every week with state lawmakers, and many of them feel worn down. Unfortunately, many no longer care what’s in the budget. They just want to pass “something” so they can go home and tell their …

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