Experts: Recession worst 'fiscal cliff' outcome
SPRINGFIELD (AP) — Government experts who run the numbers estimate Illinois could lose $1 billion in federal revenue if President Barack Obama and Congress cannot reach a budget agreement and allow the economy to plunge off the so-called "fiscal cliff."
But more unpredictable — and perhaps more worrisome — is what impact another recession, spurred by the possible federal free fall, would have on Illinois. The state could lose an additional $1 billion because of sagging tax revenue beginning next month and running through at least mid-2014.
States are anxiously monitoring the faceoff between Democrat Obama and House Speaker John Boehner, an Ohio Republican, who are trying to reach a budget deal to avoid automatic tax increases and nearly across-the-board spending cuts that would take effect Jan. 1, a deadline set last year when the two sides reached a federal debt-ceiling pact.
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