Governor Pritzker challenges Illinois budget deficit projections

In early October 2024, the Governor's Office of Management and Budget released a five-year projection showing that Illinois could face significant budget deficits, amounting to $5 billion annually by 2030, with total spending expected to reach $63 billion. Despite a state budget of approximately $40 billion in 2020 and recent tax increases that were anticipated to generate an additional $800 million in revenue each year, lawmakers, particularly Senate Republicans, expressed serious concerns. They highlighted issues such as spending on non-citizen programs and called for more spending control. Governor Pritzker, however, rejected these projections, stating they have been inaccurate in previous years, and assured that a balanced budget will be submitted to the General Assembly in February 2025. Critics have urged caution, warning that the residents of Illinois are already financially strained and cannot bear further tax increases to address these budget issues.