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Tuesday, November 26, 2024

Illinois faces budget deficit; Senator urges no new tax hikes

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State Senator Tom Bennett | Illinois General Assembly

State Senator Tom Bennett | Illinois General Assembly

The General Assembly's Veto Session concluded with minimal legislative progress. As the 103rd General Assembly prepares to reconvene in January for a "lame duck" session, concerns over Illinois' projected $3 billion budget deficit persist. Republican legislators attribute this shortfall partly to increased state spending, driven by temporary federal funds and Governor Pritzker's initiatives, including programs costing taxpayers over $1 billion annually.

State Senator Bennett has urged the Governor to balance the budget without raising taxes, highlighting that many Illinoisans cannot afford further financial burdens. "Struggling Illinoisans cannot afford to cover the cost of Governor Pritzker’s self-made budget crisis," said Bennett.

With winter approaching, Illinois residents are advised to prepare for higher heating bills due to rising natural gas and electricity costs. The U.S. Energy Information Administration forecasts colder temperatures, which may lead households in Illinois to experience a $10 to $15 monthly increase in natural gas bills. Residents can manage costs by sealing drafts and using programmable thermostats or applying for assistance through LIHEAP.

Thanksgiving safety is emphasized as the holiday approaches. Both the National Fire Protection Association and the American Red Cross have issued safety tips for cooking and travel during this busy period. Thanksgiving is noted as a leading day for home cooking fires, so caution is advised when frying or grilling food.

Travelers are reminded of road safety measures with over 132 million people expected on the move for Thanksgiving. Vehicle checks, emergency kits, and attention to weather conditions are recommended precautions.

While turkey prices have decreased due to increased production and fewer avian flu cases, other Thanksgiving staples remain more expensive than pre-pandemic levels. Families are encouraged to seek savings through retailer deals but should be wary of shrinkflation affecting certain products.

As of now, Illinois owes approximately $2 billion to state vendors with pending vouchers totaling nearly 20,000. This figure excludes estimated debts like unfunded pension liabilities exceeding $139 billion.

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