Budget doesn't resolve state's finances

By Alex Davis | adavis@wcia.com

Published 06/02 2014 01:48PM

Updated 06/02 2014 01:52PM

ILLINOIS -- More financial trouble could be in store for Illinois following the legislature's decision to create a budget without extending the personal income tax. Friday, the Senate approved a $35.7 billion budget. WCIA-3's Alex Davis finds out why there could be some backlash.

Lawmakers made their May 31st deadline, passing a budget for next year. But, not everyone believes the state's finances are in the free and clear.

"We've essentially kicked the can down the road with making the tough choices."

They've moved forward with a $35.7 billion budget, without taking up an income tax extension or making drastic spending cuts though. The situation is creating doubt among credit agencies.

"What does this budget do and have you heard anything positive coming from the credit ratings agencies and Wall Street?"

Democrats do recognize the threat of further credit downgrades, but Republicans think, they're not sweating it since they could push for a tax extension this fall like they did four years ago.

"They did the duck and cover, the wink and the nod and then they came back here after the election was over and said, 'We're raising your taxes and we're raising them by 67%. But don't worry, it'll be temporary.'"

Senator Chapin Rose (R) says taxpayers should wise up.

"I don't think the tax increase fight is over."

He says, if and when the extension plan does return, it'd be terrible public policy.

"They've all but admitted that this is still coming. It's just going to be coming after the election is over with."

Lawmakers will return this fall for veto session. It's during that time Republicans say the income tax extension could come up again.

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