Dr. Alfred Klinger, a World War II veteran and participant in the March to Springfield protest and rallly, walks with other activists on the final leg of the march from the Old State Capitol to the Capitol Tuesday, May 30, 2017 in Springfield, Ill. Now it will take a three-fifths majority to pass a budget instead of a simple majority.
The Democrat-controlled Legislature and Republican Gov. Bruce Rauner have been deadlocked on a spending plan for two years.
"One way or another, we're going to get this done", Rauner said. "We've already probably passed that point".
As a result, the state's pile of unpaid bills has topped $14 billion.
We also believe that IL is now at risk of entering a negative credit spiral, where downgraded credit ratings would trigger contingent demands on state liquidity, further exacerbating its fiscal distress. Now it has the worst rating of all 50 states. Its 10-year bonds yield 4.4 percent, 2.4 percentage points more than those on top-rated debt.
In other words, they're more concerned about politics and their re-election chances than actually helping the vulnerable they claim to represent.
Rep. Mike Halpin, D-Rock Island, noted that Republicans backed away from a vote on the Senate grand bargain plan, which House members hoped to have a chance to negotiate over.
Madigan said Democrats have asked repeatedly in recent weeks to meet with Rauner and negotiate, but have not yet gotten a response.
"The governor's budget crisis has dragged on for 700 days", Rep. Halpin said in a statement.
IL ends spring legislative session without budget deal
Moody's and S&P Global Ratings have warned that IL could be downgraded deeper if no budget is enacted. That's two levels above junk.
The bill to lift the cap is estimated to cost between $15 million and $16 million. "There is kind of an uncertain but very real legal and political limit to the state's ability to keep deferring payments".
The State of IL will not have a fiscal 2018 budget by the end of its Spring legislative session, which is midnight Wednesday night.
Hundreds of superintendents from across the state will go to Springfield Wednesday, including the superintendent and assistant superintendent of the Triad Community Unit School District in Troy.
Everything about this might sound familiar - it's pretty much the same story we've been telling about IL government for two years.
So far, consensus has proven elusive.
The budget plan at hand, borne of months of bipartisan Senate negotiations, called for spending $37.3 billion fueled by $5.4 billion in tax increases. It still needed House approval as of Tuesday afternoon. Throughout his tenure, Governor Rauner has made it clear that changes to the workers' compensation system are a pre-condition to his cooperation on a state budget. It exempted Chicago, and Rauner had pushed for a lengthier time frame. They simply can not survive; a rash of new closings will likely occur; the state's social service infrastructure will continue to erode. We don't have any funding for higher-ed. You can't find anyone in the State of IL who won't say: "We need property tax relief, our property taxes are too darned high".More news: Alberg Sells 800 Shares of Amazon.com, Inc. (AMZN) Stock
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