interfund borrowing

Budget FY15
10:10 pm
Sun June 1, 2014

Interfund Borrowing No One's First Choice For Budgeting

Credit Brian Mackey/WUIS

  The budget passed by the Illinois General Assembly does not rely on extending the 2011 income tax hike, as originally planned by Democratic leadership. Instead, it's based on state government borrowing from itself.

Instead of making the five percent income tax rate permanent or chopping away at government programs, lawmakers opted to fill a massive hole in state revenues by doing something called "interfund borrowing."

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