Illinois House sets $34.5B spending amount for '15
SPRINGFIELD (AP) -- An Illinois House Committee says the state will have $34.5 billion to spend in the upcoming fiscal year.
Lawmakers approved a resolution for 2015 spending on Tuesday.
Marion Democrat John Bradley is the chairman of the Revenue and Finance Committee. He says the number factors in the January 2015 expiration of the state's temporary income tax increase. The current Illinois budget has $35.6 billion in revenue.
Bradley says budgeters will be cautious and prudent this spring.
Lawmakers face an anticipated $3 billion budget hole that comes from the expiration of the tax increase as well as about $1.3 billion in increased costs to required programs and services.
The measure now heads to the full House.
The House will negotiate the budget with the Senate, which also approves revenue amounts.
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