SPRINGFIELD - Illinois is No. 1, but not in a good way.
Auditor General William Holland says Illinois ended the 2010 fiscal year with more red ink than any state in the nation, including similarly cash-strapped California.
Illinois' $37.9 billion net deficit, which includes debts owed to state employee pension systems, is more than the state will spend out of its general checkbook this year. The closest state to Illinois' downward spiral was New Jersey, with a $28.2 billion imbalance.
Connecticut and California were the only other states reporting deficits, according to Holland's report. Oil- and gas-rich Texas, by contrast, was $94 billion to the plus side of the ledger book.
The report examined Illinois' financial status through June 2010, meaning it didn't take into account approval of a 67 percent boost in the state's income tax in January, which is pulling in more money in an attempt to stop some of the bleeding.
Read more: Illinois' budget deficit worst in nation, auditor says http://herald-review.com/news/state-and-regional/article_a2ef56ed-6c7e-50d3-a12a-18309ab59e62.html#ixzz1SqwCFlmx
From the Herald & Review
I'm not worried. Illinois will still be in worse shape than the others even with the new tax rate. Obama's regime has refused to let the state make changes to fight fraud in the medicaid system, and the state dems are going to give raises to the states union employees.
