teknolojiarsivi.com March 19, 2018

Illinois Misses Deadline To Pass Budget, Consequences Hover

03 July 2017, 01:28 | Audrey Hill

Illinois Misses Deadline To Pass Budget, Consequences Hover

House Budget Vote Today: 'A Moment Of Truth'

He says lawmakers will continue working Saturday. All of the Democrats and 23 Republicans voted in favor of the proposal, a modified version of Senate Bill 6, which was passed May 23 by the Illinois Senate.

Lawmakers have blown through two deadlines to pass a balanced budget, and IL is in Day Two of its third consecutive fiscal year without one.

While that falls short of the 30 Republican votes that Illinois House Speaker Michael Madigan recently said will be required to successfully pass the tax increase, and generate the necessary revenue to pay for that spending, the vote shows a path toward compromise.

While the House scheduled session on Sunday to take up a revenue package, the Senate is not slated to return until Monday.

IL now has $14.7 billion in past-due bills and the state has a $6.2 billion annual deficit from its last budget, passed two years ago. Without a budget, the state enters unsafe territory: Some universities may not be able to offer federal financial aid, road construction and Powerball ticket sales could halt, and the state's credit rating could be downgraded to "junk".

IL is at risk of becoming the first state to get slapped with a credit downgrade to "junk", which could make its money problems even worse. It relies on more than $2 billion in spending cuts and a likely increase in the income tax to raise $5 billion.

The Prairie State's last annual budget expired two years ago Friday.

The Illinois General Assembly does not expect to pass a budget before tonight's end-of-year fiscal deadline, and Speaker Mike Madigan is already blaming the governor for missing this deadline. They want more of the same - more spending and higher taxes. "People in every corner of the state are watching what we do, to see if we get the job done", Harris said Friday. Although CreditWatch typically has a 90-day time horizon, we anticipate resolving Illinois' placement around the start of its 2018 fiscal year, which begins on July 1.

Few places in IL have been hit harder by the financial mess than the capital city, where state bills owed to the city, hospitals and other vendors have topped $300 million, said Springfield Republican Rep. Sara Wojcicki Jimenez.

The Illinois House of Representatives will hold a "head count" vote today on the revenue package that would support the $36.5 billion spending plan that won overwhelming approval Friday.

Rauner has also not been present at negotiating meetings.

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