Illinois Gov. J.B. Pritzker invoked a fairy tale about magic beans and a giant during his annual state of the state and budget address. Too bad he forgot to take an ax to the giant, record-setting budget he has grown by $16.7 billion since taking office. | AP Photo/Paul Sancya, File
By Bryce Hill | Illinois Policy Institute
Gov. J.B. Pritzker used his annual State of the State address Feb. 19 to deride those who dare disagree with his policies as “professional bellyachers” pushing “magic bean fixes” to the state’s problems.
Lost on him was the irony that his fiscal year 2026 budget proposal set another spending record at $55.2 billion that depends on its own set of magic beans, as have his past record-setting budgets.
Magic-bean budgeting
The most consequential information presented by Pritzker was within his proposed FY 2026 budget, which did not receive enough attention during his State of the State remarks. Pritzker’s proposed budget increases state spending to an all-time high of $55.2 billion – an increase of $2 billion from last years’ $53.2 billion spending plan.
If enacted, the state’s annual budget will have ballooned by $16.7 billion compared to 2019 levels.
Prior to the address, the Governor’s Office of Management and Budget was projecting a $3 billion budget deficit as recently as last November. These projections estimated upcoming FY 2026 revenues would slightly decrease compared to 2025 levels, as Illinois’ economy was expected to slow compared to recent trends. The most recent Commission on Government Forecasting and Accountability – a body of the state legislature that tracks revenues – was also reporting mixed revenue performance that seemed to confirm these projections. As of January, General Funds revenues had come in flat on a year-to-date basis when comparing FY 2024 and FY 2025 total resources.
However, Pritzker’s proposed budget is now relying on upward revisions in expected revenues to fund most of his proposed spending increases. The budget proposal now claims the state is expecting revenues to increase by more than $1.5 billion compared to current year revenues. That’s a large increase compared to the revenue reports from earlier this year and projections the Governor’s Office of Management and Budget made just three months ago. If these revenue projections do not materialize, taxpayers may be on the hook for future tax increases that the governor promised to avoid, cuts to state spending or some combination of the two.
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