New study finds no simple solution to Illinois' annual debt problem

CHICAGO - According to an analysis released by the University of Illinois Institute of Government and Public Affairs, there is no simple solution to Illinois' annual deficit problem.

The report is part of the University of Illinois' Fiscal Futures Project, and it states that the state's annual deficit of $9 billion will increase to $14 billion by the year 2026.  Fiscal Futures Project Co-Director Richard Dye says the solution to Illinois' deficit problem requires a long-term fiscal plan that includes spending cuts, tax increases, and economic growth, as well as changes in policy and expectations.

Dye also says Illinois' current financial status is similar to that of an individual who is in significant credit card debt.  He says the state's unpaid debts total approximately $159 billion, more than twice the amount of revenue Illinois receives in one year.
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