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Monday, May 23, 2022

IL House Speaker Madigan: State Budget Deficit will Require Spending Reductions and New Revenue

CHICAGO –(ENEWSPF)—December 9, 2015. Illinois House Speaker Michael Madigan was asked following his address Wednesday at the City Club of Chicago about the state income tax rate. Given misleading headlines and mischaracterization of the Speaker’s comments, the following clarifies his long-held position:

As I have stated for several months, and as I stated in my address to the City Club today, when it comes to solving the state’s budget deficit, I believe we need to take a balanced approach that includes a combination of new revenue and reductions in state spending. A cuts-only budget, as the governor proposed earlier this year, would severely cut medical care services for the elderly, the disabled and struggling families, would hurt middle-class families and would do more harm than good. That’s why we need a balanced approach. We have no plans to advance legislation to change the income tax rate, and I am committed to working with the governor to develop a budget that provides for a balanced approach to solving our budget deficit.

Source: House Speaker Madigan

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