CHICAGO — Illinois Gov. Pat Quinn Wednesday unveiled a $53 billion fiscal 2012 budget that relies on a controversial $8.75 billion bond sale to pay off a huge backlog of bills bogging down the cash-strapped state.

Without the borrowing, Illinois could face a $10 billion deficit by the end of the fiscal year, officials said. The proposed spending plan comes a month after the state passed a 66% income tax increase that is expected to generate $6.8 billion in annual revenue.

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