Illinois: Third Biggest Budget Gap in 2010

Only two states beat Illinois for highest dollar deficit

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    NEWSLETTERS

    TK
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    Whoa, that bad huh?

    Illinois has the third largest 2010 budget gap, according to a recent report.

    The Prairie State can expect a 2010 budget shortfall of up to $7.3 billion in 2010, or 21 percent of its general fund, according to a National Conference of State Legislatures report.

    In terms of raw dollars only New York and California, with $17.65 billion and $24 billion shortfalls respectively, trump Illinois’ ~$7.3 billion budget gap.

    Even though the national economy is recovering nicely, state economies will be slow to follow. Typically states need about two years to catch up, the report states. That means tough times will remain across the country.

    Just eight other states top Illinois in terms of percentage shortfall; Connecticut, Vermont, California, Florida, Arizona, Alaska, New York and Nevada are also struggling.