12/12/2008 05:12 am ET Updated May 25, 2011

Dismal Economy Could Put State In $1B Hole

The declining economy has begun to deliver a big hit to Illinois tax receipts.

According to the state Department of Revenue, Illinois is on track to see a roughly $800-million revenue hole this fiscal year, based on receipts for the first four months of fiscal 2009, which began July 1.

"And if the Illinois economy worsens, as many predict," the department continued in a press release, "the shortfall between fiscal 2009 receipts and budgeted revenue may exceed $1 billion."

The higher figure would represent almost 4% of the state's $28-billion operations budget.

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