New York and Illinois face large budget deficits for fiscal year 2012, with Illinois' deficit projected at $15 billion or 40% of its budget compared to New York's $10 billion or 18% deficit. New York has taken steps to cut spending by $8.5 billion while Illinois has raised taxes by $7 billion to address their shortfalls.

1. ($ bn)
Source: CBPP

2. ($ bn)
Source: CBPP

3. New York vs. Illinois
New York Illinois
Projected Deficit* $10 billion $15 billion
% of Budget 18% 40%
Steps Taken Spending Cuts: $8.5bn Tax Increases: $7bn
* FY-2012
Source: CBPP, NY Division of Budget