Are Illinois voters beginning to wake up to what has been taking place for the last few years? You know, unlike the federal government, the State of Illinois is not allowed, by statute, to have "deficit spending". The "budget" by definition is to be balanced. So how have our elected representatives 'solved' this dilemma? - "creative funding". We rob Peter (the pension funds, the earmarked-special project funds, the accounts payable, and we auction off assets) to pay Paul (the Unions, the Chicago special interests, the politically connected and political contributors).The Illinois State Comptroller has calculated the State'’s Fiscal Year '05 GAAP Budget Balance at a deficit of $3.1 billion . This represents a $600 million deterioration from last year's GAAP deficit of $2.5 billion.
We suppose it could be worse. We could be living in New Jersey.
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