Although the Democrat-controlled General Assembly could vote to make the 5 percent income tax rate permanent before Quinn leaves office, lawmakers left town last week having made no move in that direction. They return to action for three more days of veto session in early December, but have no more days scheduled after that before Rauner is sworn in.

At a press conference at the Capitol on Wednesday, Rauner called the state's financial condition "horrible," but offered few new hints on how he will tackle the situation.

"Our plan is for recommending a comprehensive overhaul of the tax code," Rauner told reporters. "We will be pursuing that, but we'll discuss that at a later time."

Jay Groves, spokesman for Illinois State University President Larry Dietz, said the possible cuts could affect a range of programs, including scholarships for low- income students, deferred maintenance and the university's ability to attract students based on a competitive rate of tuition.

But, said Groves, "There is still time to go before the next fiscal year."

Eastern Illinois University President William Perry said he is waiting for more information before weighing in on what a reduction in state funding could mean to his institution.