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