CHAMPAIGN, Ill. – Tax increases are the only solution to a widening budget crisis that a new study says has landed Illinois among the nation's most financially troubled states, a soon-to-be-released report by a team of University of Illinois economists warns.
Illinois is among nine states spiraling toward an economic disaster that could rival California, where a $24 billion budget shortfall has netted IOUs, widespread layoffs and forced furloughs, according to a study released last week by the Pew Center on the States, a nonpartisan think tank.