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Illinois budget report projects $4 billion deficit by 2016

<p>Illinois Gov. Pat Quinn &nbsp;| &nbsp;File</p>

Governor Pat Quinn | Sun-Times Media File 

A report from Governor Pat Quinn's budget office shows Illinois could dip to $4 billion in the hole, according to Greg Hinz on Crain's Chicago Business. Hinz also referenced what GOP candidates — Winnetka businessman Bruce Rauner, Sen. Bill Brady, State Treasurer Dan Rutherford, and Hinsdale resident Sen. Kirk Dillard — have said how they would handle the tax hike as it relates to the budget projections. 

In a little-noticed report a few days ago, Gov. Pat Quinn's Office of Management and Budget released three-year financial projections about what will happen if the tax increase begins to sunset on Jan. 1, as now is scheduled. ... Specifically, the report projects that by fiscal 2016 (ending July 30, 2016), the state will have a $4.1 billion deficit in its operating fund, up from a modest surplus now, and the gross backlog of unpaid bills will soar, to $11.6 billion on June 30, 2016, from $6.3 billion on June 30, 2013. 

[Read more on Chicago Crain's Business]

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