State gov't faces $900M budget shortfall

October 14, 2009 3:11:33 PM PDT
Gov. Pat Quinn's office says the state government now faces an additional $900 million budget shortfall.Income tax revenue is $850 million lower than projected because of climbing unemployment. And gambling revenue is $50 million lower than expected because a Joliet casino was closed for several months after a fire.

State budget director David Vaught says fixing the deficit will require more spending cuts, borrowing and quick action to raise income taxes early next year.