SPRINGFIELD, Ill. (AP) -- Experts predict
that Illinois could lose $1 billion in federal
grants if leaders in Washington
allow the nation to fall off the so-called "fiscal cliff"
But they say the state could be hit far worse by the recession that's sure
to follow. That could mean another $1 billion in lost revenue.
President Barack Obama and congressional leaders must reach a deal on
raising revenue and cutting spending by month's end to avoid automatic tax
increases and across-the-board cuts from taking effect.
The National Conference of State Legislatures estimates Illinois could get about
$1 billion less in programs for education, housing, defense and more.
But recession is the greater fear.
State Revenue Department officials estimate a recession could choke
income and sales tax revenue by an estimated $1 billion through mid-2014.