Experts for the government are estimating that Illinois stands to lose up to $1 billion in federal revenue if the government does not reach an agreement to avoid the “fiscal cliff.”   If the tax cuts expire at the end of the year, Illinois stands to lose over $300 million in federal grants covering education, public housing and nutrition programs for low-income families.  It would also lose $740 million in defense money.  This will be devastating to Illinois, which already has serious financial problems.

For more details you can read, “Illinois Loses Big with Fiscal Cliff.”