Springfield, IL--(ENEWSPF)--March 18, 2009. Governor Pat Quinn presented a $53 billion budget plan for fiscal year 2010 that he claims will end an era of fiscal irresponsibility and mismanagment, and help struggling families during the worst financial crisis in Illinois' history.
"Illinois is staggering to pay an $11.5 billion deficit and has a mountain of unpaid bills," Governor Quinn said in his speech to the 96th General Assembly. "Illinois' economy is falling. Unemployement is rising, and our people are hurting. To be direct and honest - our state is facing the greatest crisis of modern times."
The plan closes the budget gap of $4.3 billion for fiscal year 2009 and $7.3 billion for fiscal year 2010. The current recession, which is even deeper than economists predicted, has driven down revenues to unprecedented low levels, while demand on state services such as health care is increasing during such difficult times.
Governor Quinn's budget plan contains $1.3 billion in cuts and uses a combination of fiscal tools to create the best possible way to solve the state's short-term deficits without sacrificing long-term priorities. It calls for making tough choices, while maintaining a commitment to protect families.
Without action, state revenues would drop to fiscal year 2004 levels, leaving the state without proper funding for its core services such as health care, education and public safety.
The budget is framed around three core prinicples: Reform, Responsibility and Recovery.
According to the Governor, it makes major reforms by reducing spending in non-essential areas, and taking action on issues that have been neglected for too long, such as the pension system. It also guarantees tax equity in Illinois, and protects families that are unfairly affected by the current state income tax. To further help low and middle-income families and spur the economy, Governor Quinn is also proposing a back-to-school sales tax reprieve.
"Reponsibility is critical in times like this," says Governor Quinn, "and this budget maintains our commitment to education and health care, yet calls for belt-tightening in areas throughout state government."
"Finally, the state cannot begin to recover without putting people to work," states the Governor. "At 7.9 percent, our unemployment rate is unacceptable. My budget proposal includes a $25 billion capital plan - Illinois Jobs Now! ' which will support 340,000 Illinois jobs. "At the same time, it will build schools, fix aging road and bridges, improve mass transit, and invest in energy and the environment" according to the Governor.
Specific informatoin about the proposed budget can be found at:
Source: illinois.gov
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