Senate Republicans unveiled a series of spending and revenue adjustments March 17 that Senator Tim Bivins said will put Illinois on firm financial footing and allow for the roll back of the 67% income tax increase enacted during the lame-duck legislative session in January.

Throughout the week, most Senate Committees met to consider pending legislation by a March 17 deadline, including a bill to increase cigarette taxes in Illinois by $1 per pack.

Senate GOP lawmakers unveiled a menu of $6.7 billion in spending reductions and financial improvements. The proposed cuts come on the heels of a report released by the caucus last week, which showed that without significant changes, Illinois is on target to accumulate a $22 billion deficit in five years.

Republicans said it is significant that no one has disputed the fiscal projections, which they had released March 10. The GOP caucus determined that $5 billion in spending and revenue changes would allow the state to roll back the full income tax increase and eliminate the job-killing business tax hikes that were also enacted in the middle of the night in January." />

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