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Tax, budget vote may be too late for Illinois to escape ‘junk’ status

By Amanda Vinicky, Chicago Tonight/WTTW

Thursday will be do or die for an income tax increase and Illinois’ first budget since July 2015, under a threat Wednesday from Moody’s that the state is under review for a credit rating downgrade that “will provide a limited amount of time for the Illinois General Assembly to finish voting on the measures.”

A $5 billion revenue package and $36.1 billion budget advanced at breakneck pace over the holiday weekend, passing the House on Sunday, and then the Senate over Independence Day–twice: The Senate passed the measures, Gov. Bruce Rauner vetoed them, only for the Senate to override him hours later.

Though the Illinois House convened on the Fourth of July and Wednesday morning, so few Representatives showed up that there wasn’t enough for a quorum, meaning the House could take no action.

Read more at http://chicagotonight.wttw.com/2017/07/05/tax-budget-vote-may-be-too-late-illinois-escape-junk-status

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