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Illinois Governor-elect Bruce Rauner won a mandate to fix the finances of the lowest-rated U.S. state. Investors are signaling the Republican’s got his work cut out for him to avert a credit downgrade closer to junk.
“….A broader sales tax would generate about $600 million of revenue, and wouldn’t cover lost tax revenue, according to the Chicago-based Center for Tax and Budget Accountability, which calls itself a bipartisan, nonprofit research group.
“We can’t cut our way out of this problem,” said Amanda Kass, the center’s research director. “The revenue loss is so huge that we’d be looking at serious cuts to K-through-12 education, to higher education, public safety.”