The state’s financial condition is listed in a comprehensive annual report – and it may as well be printed in red ink. The state’s net position – assets minus liabilities – has slid $49 million to a deficit of $44.8 billion. That compares to a deficit of $17.9 billion six years ago.
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“The frustrating thing is that the Democrats sold the 67 percent income tax increase and said it was going to solve the problems,” said State Sen. Matt Murphy (R-Palatine), the Senate Republicans’ point person on budgeting. “This non-partisan, numbers-based report shows our financial position is 2½ times worse than it was back in ‘06.”