Senate President offers reality check in advance of Rauner budget speech (VIDEO)

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Illinois Senate President John J. Cullerton walked reporters through the state’s current budget, outlining more than $2.4 billion in new budget pressures the governor faces in putting together a balanced budget for the state’s next fiscal year. Nearly $800 million in revenue will be lost through the expiration of one-time deals needed to balance the current budget. At the same time, education funding needs, retirement security funding and the state’s first payment on a borrowing deal combine to add more than $1.6 billion in new spending for the next budget year.

The Senate President outlined these financial challenges on the eve of the governor making his annual budget address.