State Budget Passes House...Hurdles Remain

State Budget Passes House...Hurdles Remain

State Budget Passes House...Hurdles Remain

Rauner, Madigan and other leaders in Springfield have been shown the report, but it doesn't seem to have moved the needle much, and they continue to blame each other.

The House voted 90-25 late Friday morning on a version of a yearlong spending plan.

"Now is the time to bring this nightmare to an end".

"It's very sensitive right now", said Rep. Tom Bennett, R-Gibson City.

The House will be back in session on Saturday where they are expected to finally vote on the spending plan and tax hike bill. All of the Democrats and 23 Republicans voted in favor of the proposal, which is an amendment to Senate Bill 6, which was passed May 23 by the Illinois Senate.

The next 24 hours will be crucial in sealing the state's fate.

Madigan spokesman Steve Brown said the Speaker knows that business is being harmed in the state, but it's Rauner's intransigence that is stopping any budget progress. The problem is that, without higher tax revenue, IL won't have enough money to make good on those commitments.

On Tuesday, Senate Democrats unveiled their plan to solve the state's budget woes, but have not come to an agreement with Republicans yet.

Durkin said he committed Republican votes on the appropriations measure as a "gesture of good faith".

"I am committed to getting the job done. We need to get a budget".

"I think what you saw was the result of intense negotiations that have been going on with rank-and-file (members)", Brady said.

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His caucus stood with cheers and jeers, chanting support for continued work as Madigan left the floor to one GOP member's denouement, "Speaker Junk!" We are close. We are so close I can taste it. "But folks, bear with us". "Momentarily, I will send a message to the bond rating agencies asking them to defer any further opinions relative to the credit rating of the state of IL until we've had sufficient time to finalize our budget making".

"In our view, the unrelenting political brinkmanship now poses a threat to the timely payment of the state's core priority payments", S&P analyst Gabriel Petek wrote in early June.

IL is on the cusp of becoming the nation's first state to carry a "junk" bond rating, as Springfield's unprecedented budget impasse stretches into its third year. "When we're close to that and close to junk bond status, that's serious", said Phillips, whose district includes Eastern Illinois University. Lawmakers may, however, have a short window of leeway given that the holiday weekend.

Madigan's statement included letters he sent Friday to Fitch Ratings, Standard & Poor's and Moody's Investors Service.

"I am hopeful that the governor will recognize these compromises". I also hope your organization recognizes this work as a meaningful step that should help your organization should not downgrade IL debt at this time.

Senate Democrats have proposed $5.4 billion in tax hikes, including a 32 percent income tax increase that would be retroactive to January 1. Still up for debate is whether it would take effect starting in July, or whether it would be retroactive to January.

The Chicago Democrat wants Rauner to sign an education funding overall, OK insurance-rate regulation in workers' compensation and more.

Madigan keeps saying that not a single structural reform to address the state's fiscal needs will be allowed in his bill, a senseless demand that Democrats blindly follow. IL has gone two years without passing a full budget.

If a deal isn't wrapped up, consequences will be expensive and potentially catastrophic. Which of course will put more strain on the state's already fragile finances. "The fight about the other stuff can come later".

The dynamics of leadership in Springfield will also change going forward. Chad Hays of Catlin, Reggie Phillips of Charleston and Dan Brady of Bloomington - voted for it. Rep. Bill Mitchell of Forsyth did not vote. A top Illinois State Board of Elections official told Reuters the agency faces the loss of certain cyber security protections beginning in September because of an unpaid $9,000 bill. "The overall image and viability of IL needs to improve".

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