SPRINGFIELD, IL – Sen. Mike Jacobs (D – Moline) voted with Democrats on a plan to bring much needed revenue to the state, closing the gap on the $7 billion budget deficit. The plan will ultimately reform education funding and benefit other aspects of state government by bringing in approximately $5 billion in state revenue. “These are incredibly tough economic times and we have to be responsible” Jacobs said. “Our work means hundreds of thousands of Illinoisans can keep their jobs and state agencies can provide critical services. It’s the fairest approach to balancing our state budget.”

The plan will also change the way Illinois funds education, increasing the Foundation Level from $5,959 to $6,190, as well as annual funding of more than $2.5 million in the coming years.

“Illinois is 49th in the nation for education funding,” Jacobs said. “This bill will change that and put our children first. It will also keep over 34,000 teachers employed.”

The plan does not eliminate the entire Illinois $7 billion deficit, requiring lawmakers to cut over $2 billion from state government spending. The Senate is seeking a bi-partisan effort to find appropriate cuts, while still keeping people employed. The plan will also generate enough revenue to fully fund the pension system; a $4 billion payment.

“This bill is about stabilizing Illinois,” Jacobs said. “Sometimes the hard choice is the right choice and I am confident in the future of Illinois.”