CHICAGO — Illinois Gov. Pat Quinn was sworn into office for his first full term Monday, with the clock ticking on a budget deal being pushed by Democratic leaders in the final days of a lame-duck session to raise taxes and borrow more than $12 billion to tackle a looming $15 billion deficit.

The plan — which remained fluid Monday and was expected to be scaled back by Democratic leaders in order to raise the needed votes — calls for an increase in the state’s personal income, corporate, and cigarette taxes to raise new revenue, $8.5 billion in borrowing to pay off bills, and $3.7 billion in bonding to cover the state’s fiscal 2011 pension payments.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.