Report to present magnitude of Ill. fiscal woes
SPRINGFIELD – A report due Wednesday on Illinois' fiscal crisis is heavy on definition but light on recommendations for repair, one of its authors said Tuesday.
An offshoot of a national report released in July that was headed by former Federal Reserve Chairman Paul Volcker and former New York Lt. Gov. Richard Ravitch, the Illinois edition of the State Budget Crisis Task Force aims to drive home how big of a hole Illinois has dug itself, according to Richard Dye.
"It spends a lot of time talking about the magnitude of the problem, which is huge – somebody's ox is going to be gored, or oxen," said Dye, an economist with the University of Illinois' Institute of Government and Public Affairs.
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