Quinn: Illinois should have ‘rainy day fund’

SPRINGFIELD, Ill. (AP) - Gov. Pat Quinn is calling for a “rainy day fund” in the Illinois state budget.

The Democratic governor made the proposal in his annual budget address Wednesday.

He says officials “need to build our reserves to protect taxpayers in the event of an economic downturn or an emergency down the road.”

It’s part of what Quinn says is a plan to provide “stability” in the long-term budget. He also called for “solid spending caps” to ensure the state doesn’t defer its financial obligation.

He did not say how much money should be reserved in the rainy day fund.