Tagged: fiscal cliff

Illinois Comptroller Judy Baar Topinka estimates a $1 billion impact on the state budget if automatic federal spending cuts and tax increases take effect.

Topinka sent out a release Friday detailing the impact on the Illinois budget if Congress and President Barack Obama don't prevent the federal government from going over the fiscal cliff. Topinka says the fallout from the fiscal cliff could push Illinois into recession. Topinka estimates Social Security and income tax increases would lower Illinois tax revenues by up to $500 million.

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After failing to get his party in line, Republican Speaker of the House John Boehner abandoned his plan for avoiding the fiscal cliff.

Instead, a decision will have to come from the Senate. President Barack Obama met with Democratic Senate Majority Leader Harry Reid Friday afternoon and is set to address the public shortly.

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