Recession fears loom over state budget talks
Gov. J.B. Pritzker's administration has laid out its revenue estimate for the coming year for a House committee, projecting an increase in the near-term and noting predictions of an economic downturn ahead.
Coming up with a revenue estimate is part of the state's budgeting process. The state's constitution requires that the budget is balanced, but politicians have been able to get around that mandate. Illinois lawmakers have a long-standing practice of spending more than the state collects. The state hasn't had a balanced budget since at least 2001.
On Thursday, the Governor’s Office of Management and Budget and the Department of Revenue shared revenue estimates for the coming fiscal year with the House Revenue and Finance Committee.
Committee chair state Rep. Michael Zalewski, D-Riverside, said it sounds like revenue will be fairly flat.
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