The Pritzker administration is facing budget woes after the failure of the graduated tax proposal. The Governor’s Office of Management and Budget shows an estimated deficit of nearly four-billion dollars for this fiscal year. Larger deficits are being projected for the next five fiscal years, reaching nearly five-billion next year and just over 33-billion by 2026. State lawmakers borrowed five-billion to address holes in the current budget. The economic effects of the COVID-19 pandemic are also playing a role in the deficit projections. Pritzker says tough spending cuts may need to be made to make up for the lack of funds.
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