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Governor's plan addresses cuts and loopholes

SPRINGFIELD -- The state has had a stack of IOU's for years.
SPRINGFIELD -- The state has had a stack of IOU's for years. Now, Governor Quinn wants to start writing checks.

The governor outlined his budget Wednesday. Despite huge cuts, he wants to start paying off the state's bills.

Quinn says if the General Assembly approves his budget, the state would pay off about $2 billion of those unpaid bills. The total is currently about $9 billion.

The governor proposed a plan to cut down the rest of the bills by closing loopholes in corporate tax rates. Any money saved from closing those loopholes would go into a fund devoted to paying off bills.

Quinn says it's not only a matter of making money, it's also a matter of fairness. Business leaders aren't too happy about this.

Other than closing those loopholes, Quinn's budget doesn't include any new taxes or fees. Though there are some cuts, they will be huge unless lawmakers come up with some kind of fix for the state's pension system.
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