7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Quinn Says Budget is Close
Gov. Pat Quinn says a state budget for next year will be wrapped up soon, and he has some measures that must be included.

With regard to paying $3.7 billion into state pension funds, the governor says borrowing is not pleasant, but it is more cost-efficient in the long run than other options, such as not making the payment at all, which would require the pension plans to sell assets to pay benefits, which will produce disastrous investment results in future years.

Quinn also says the budget must maintain funding for education, social services and public safety, and that he will make budget cuts if lawmakers again hand him that responsibility.

He also continues to stump for a 1 percentage point income tax increase, with the proceeds dedicated to education. He says a tax increase is coming, no matter what anybody says.

Lawmakers last week voted down borrowing and voted down spending cuts. They have not taken up any tax increases. Lawmakers then left Springfield, and are expected to be called back later this month to finalize a budget.

(Illinois Radio Network)
05 12 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.