Senate President predicts $3 billion shortfall

Published 02/17 2014 04:43PM

Updated 02/17 2014 05:36PM

ILLINOIS -- One of the state's top leaders says our budget is a ticking time bomb, and unless everyone comes to the table in the next few weeks, there could be some problems. Senate President John Cullerton (D) broke down the budget Monday.

He says, next year, the state will be almost $3 billion in the hole; $2 billion of the problem comes form the state's income tax rate which is set to go down starting in January.

Cullerton is calling for bi-partisan hearings starting Wednesday in Springfield. He says he wants lawmakers from both sides of the aisle to come forward with ideas to fill that budget gap.

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