Legislative leaders have been meeting with Gov. Quinn throughout the day in Springfield, attempting to pull together some sort of spending plan on the first payday of the new fiscal year.  (You can get the backstory on this year's budget negotiations here.) While the details are shady, the emerging "tentative" plan looks pretty dismal.  

Here's what we know about it:

- It includes over $3 billion in borrowing against the pension system.
- It includes at least $1 billion in cuts.
- It derives additional money from fund sweeps and debt restructuring.
- It doesn't include a tax increase or any substantial source of new revenue.

Here's what we don't know:

- How deep the funding cuts will be for human service providers.
- How many state employees, if any, will face layoffs or concessions.
- Whether there are enough votes to pass this kind of package.
- At what point lawmakers will return to approve an (obviously necessary) income tax increase.

Earlier today, Lee Newspaper's Kurt Erickson aptly described the plan as Blagojevich-esque:

Rod Blagojevich isn't governor anymore, but his style of budgeting may be rearing its head again in the state Capitol. [...]

Under a plan emerging Tuesday, state operations would be financed with a mix of revenue reminiscent of the Blagojevich era - a borrowing plan linked to state employee pensions, a restructuring of debt and a skim of money from special state funds.

The four legislative leaders are currently pitching the deal to their respective caucuses and will likely return to their chambers in the next few hours to vote. Stay tuned ...

UPDATE I: Illinois Channel just tweeted the following:

3:12 p.m.: House GOP caucus just ended. View is budget deal is done.

UPDATE II (5:25 p.m.): Sen. James Meeks says, "You either borrow or your vote for revenue.  So since I voted for revenue, I'm not voting for borrowing."  Capitol Fax has the video.