State Representative Bob Pritchard Says Budget Passage Near in Springfield

02 July, 2017, 02:17 | Author: Clint Gray
  • Illinois Countdown to Junk Status Continues

Earlier this week, S&P Global Ratings warned that it would probably issue the demotion if IL failed to pass a budget before Saturday. They said they were making progress and asked S&P for leeway.

IL lawmakers continued to work on a budget compromise on Saturday, the first day of its third fiscal year without a balanced spending plan.

The logjam is the result of a political standoff between Republican Gov. Bruce Rauner, elected in 2015, and Democratic House Speaker Michael Madigan, a Chicago Democrat who has held the office for more than three decades. "Illinois 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". That's the longest impasse of any state since at least the Great Depression. Without a budget, the state enters risky 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 asking for more time before it's branded a junk state. But it's his chamber that still hasn't passed a budget to the governor's desk.

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"We're going to put it up for a vote", chief Democratic budget negotiator Rep. Greg Harris said Thursday, "because we know that, on July 1 in the state of IL, we're going to peering into the darkness if we do not have a budget".

"I think it's a good step forward, a step that we can work upon".

"Maybe we have turned a corner here today ladies and gentlemen".

The proposal before the Illinois House today would raise taxes to spend 36-and-a-half billion-dollars, but Republicans in Springfield say they don't yet know how high taxes would go under the proposal. "We know that IL needs a bipartisan solution". He said it closed corporate tax loopholes, increased the earned income tax credit and restored the research and development and manufacturers' tax credit to attract more businesses. The board is among 21 state election authorities the U.S. Homeland Security Department confirmed were targeted by Russian hackers during the 2016 election.

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The announcement by Madigan, a Chicago Democrat, came just a day after a harmonious House, tired of the two-year standoff with Republican Gov. Bruce Rauner, overwhelmingly approved a $36.5 billion spending plan on a preliminary vote.

Some Illinois universities, which haven't received any money from the state in 2017, stand to lose their federal accreditation.

Obviously, the budget hole would be filled with a tax increase.

Madigan blamed IL governor Bruce Rauner in his letter to the credit agencies, calling it the "governor's budget crisis".

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