New Illinois Gov. J.B. Pritzker proposed a budget Wednesday that relies partly on tax revenues from two industries that currently aren't even legal in the state, which is saddled with billions of dollars in pension obligations and other debts.

 

Pritzker's $39 billion proposal includes more than $1 billion from legalizing recreational marijuana and sports betting, while also imposing a tax on insurance companies, hiking cigarette and e-cigarette taxes and raising $20 million from a tax on plastic bags.

 

The Democrat, making his first major address to legislators just five weeks into the job, also wants to modify the albatross of the state's $134 billion in pension debt. He's seeking to borrow money through bond sales, sell state assets, use extra money from a proposed income-tax revamp and stretching out those obligations by seven years. Under his plan, those debts would be paid off by 2052 instead of 2045.

 

Years of underfunding pensions has pushed this year's obligation to $9 billion.

 

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