CHICAGO
04/13/2009 05:12 am ET | Updated May 25, 2011

Illinois Budget Deficit Tops $11.5 Billion

Aides to Gov. Pat Quinn say the Illinois budget deficit is even worse than previously thought.

Instead of $9 billion, they now estimate the gap at $11.5 billion.

That's the combined total for this budget year and next, assuming revenues keep falling and expenses keep climbing.

To try and fill that gap, Quinn plans to propose an income tax increase next week. He won't say how big an increase he wants.

Aides say he'll also propose about $850 million in new budget cuts.