Madigan: Dems, GOP living under spending 'cap'

January 24, 2012 3:14:21 PM PST
Illinois House Speaker Michael Madigan said some progress has been made by both parties to dig the state out of its current financial hole.

Speaking Tuesday at an annual government forum hosted by Elmhurst College, Madigan said this year's budget negotiation could provide the state with a template for spending control moving forward.

"Members of the house prepared the current budget on a collaborative basis - Democrats and Republicans - living under a cap so in the current budget no overspending," Madigan said.

Despite the spending cap, the state budget deficit stands at around $8 billion.

Madigan said a longerm plan is still needed.