CHICAGO - Illinois is nearing a "financial tipping point," with the state facing the loss of businesses, investment, and jobs as its fiscal position has dramatically worsened over the last two years, according to an updated report released this week by a prominent Chicago-based business group.

The stinging report warns that based on its findings the state's annual structural budget imbalance has doubled and now stands at more than $8 billion, while the overall debt level - including pensions, other post-employment benefit obligations, and overdue bills - has grown to $116 billion from just over $100 billion.

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