Wednesday, Oct 22, 2014
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SeenTheLight1 - Despite record yields for farmers, Titan\'s Taylor sees down year for tires in 2015 - Quincy, IL New
Please re-read the article... it said a FLAT year. That means no expected growth and no expected losses.So spectulating and crying doom is very premature.
ONCEMORE1 - Illinois Early Voting starts: Cook County ballot box tries to cast GOP votes for Democrats - Quincy,
"After extensive testing, the machine was found to be performing as intended", Scalzitti went on to say..........;)
1950Brutus - Despite record yields for farmers, Titan\'s Taylor sees down year for tires in 2015 - Quincy, IL New
Layoffs probably inevitable but speculating on a move out of state or country is premature. As for your other questions I would refer you to Rosanne Rosanadanna - her first response would be "You sure ask a lot of questions for somebody from New Jersey". Sorry to the youngens out these who weren't exposed to Rosanne - very funny stuff.
Stupid_Dems - Strawman: I Trusted The President...... - Quincy, IL News - QuincyJournal.com
Seriously? This article is like saying the sun will come up in the morning! Hell yes he's a liar. End of discussion! Move along nothing to see!
ONCEMORE1 - Illinois Early Voting starts: Cook County ballot box tries to cast GOP votes for Democrats - Quincy,
Yep, calibration----that's what it is. Calibrated to elect the Dimmokrat NO MATTER WHAT!!

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New money, old problems for Illinois

1 year, 8 months ago by Denise Donley

But State Rep. John Bradley is squashing any hopes that Illinois has “new money” to spend

Illinois’ economy is growing – by just enough to pay the state’s skyrocketing pension tab.

Both Illinois Gov. Pat Quinn’s office and the legislature’s economic forecasting panel told lawmakers late Tuesday they expect about $1 billion in new tax dollars for the next budget.

But State Rep. John Bradley, D-Marion, is squashing any hopes that Illinois has “new money” to spend.

“I don’t want anybody to think the state of Illinois has a bunch of money, it doesn’t,” Bradley said.

Bradley and his House Revenue Committee are trying to pin down a dollar amount for the legislature’s spending cap. Lawmakers have set a hard cap for the past few years, then forced Quinn to live with the budget lawmakers write.

The current budget cap is $33.7 billion. Both the governor’s office and the legislature’s Commission on Government Forecasting and Accountability talked Tuesday of revenues just over $35 billion.

But Bradley said pension costs alone will eat up any growth in state money. Illinois’ pension payment is set to increase $1 billion in the new budget.

“The state is still upside down, there is more work to be done. Maybe we’ll have enough breathing room to make the pension payment for another year. But that’s all I can say on that,” Bradley said.

In addition to the increased pension payment, Illinois will face as much as $9 billion in unpaid bills, hundreds of millions of dollars in unpaid employee health care bills, and pressure to increase spending on education and human services.

The potential billion dollars in revenue growth comes with a warning.

Dan Long, COGFA’s executive director, said Illinois still faces “roadblocks” to economic growth.

“We are slow to rebound,” Long told Bradley’s committee on Tuesday. “Illinois is not recovering as quickly as many other states or as the country as a whole.”

Long also warned about increasing state spending ahead of the scheduled end to Illinois’ “temporary” tax increase.

In early 2011, Illinois lawmakers raised the state’s 3 percent individual income tax rate to 5 percent. The 4.8 percent corporate tax rate jumped to 7 percent. But those rates will drop in 2014, individuals are supposed to see their tax rate fall to 3.75 percent, corporations are supposed to see their rate drop to 5.25 percent.

“That is our fiscal cliff,” Bradley said. “When the temporary tax increase starts to expire … it will have a $5 billion impact the first year.”

Bradley said he wants to keep state spending in check this year to “work the state into a position” to allow that tax increase to expire.

The spending estimates come ahead of Gov. Pat Quinn's State of the State address Wednesday.

Bradley is quick to say the governor needs to look at the full picture, not just the $1 billion in expected new tax dollars.

“He needs to be straight with the people of Illinois,” Bradley said. “He needs to be straight in terms of where we’re at. Where he wants to go, and not play games with the numbers.”


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