Fiscal cliff worries state officials
Updated: November 19, 2012
SPRINGFIELD -- Many are on edge as Congress works to stop the fiscal
cliff, including some state officials right here in the Land of Lincoln. They say it could wind up costing the state about $1 billion.
That's because taxes would go up for residents. And if they're paying more, they're likely spending less. State programs would also lose some of their federal funding.
The Department of Revenue says these projections are if something isn't done. Even so, they say they are still preparing for the worst case scenario.
Congress has to reach a deal by January 2.
That's because taxes would go up for residents. And if they're paying more, they're likely spending less. State programs would also lose some of their federal funding.
The Department of Revenue says these projections are if something isn't done. Even so, they say they are still preparing for the worst case scenario.
Congress has to reach a deal by January 2.
