Illinois Starts New Fiscal Year in the Red
Governor Pat Quinn Will Burn The Midnight Oil Drafting New Budget Plan
Getty Images / Scott Olson
Illinois Governor Pat Quinn.
The state of Illinois is about to begin a new budget year that will involve debt, deficit and spending cuts.
The old budget expires at midnight Wednesday. Gov. Pat Quinn says he will sign the new budget into law sometime before then.
The state could be $13 billion short of all the money it will need in the coming year. Quinn and other officials have agreed to deal with that gap by borrowing money and letting more unpaid bills pile up.
Quinn has also been given special powers to cut spending where he sees fit. The Chicago Democrat is scheduled to reveal on Thursday where he plans to cut.
Quinn had wanted to reduce the cuts and unpaid bills by raising taxes and borrowing money. But legislators would not agree to his plan.
Copyright Associated Press