House leader: Revenue vote now set for weekend

House leader: Revenue vote now set for weekend

They said they were making progress and asked S&P for leeway.

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.

The House will vote Sunday on a revenue plan after all.

The great state of IL has seen some notable moments over the years: The world's first skyscraper was built in Chicago 1885, and IL was the first state to ratify the 13th Amendment, abolishing slavery.

The fiscal morass is the longest of any state since at least the Great Depression, with IL ringing up a $6.2 billion annual deficit and a $14.7 billion stack of past-due bills.

Bond ratings agencies have said if the state doesn't have a budget by the end of the day, the state's bonds could be downgraded to junk status. Madigan says he's sending messages asking the major bond-rating houses to give IL more time to secure a deal before a downgrade.

"And urging them to, number one, come up with a plan that delivers a balanced state budget; and number two, to hold them accountable if they don't", Cardenas said. State Rep. Jeanne Ives, R-Wheaton, said the proposed budget continues to fund bad government behavior.

Taking the floor after the vote, Madigan thanked Republicans for their support: "I think it's a good step forward, a step we can build upon".




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

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. They want more of the same - more spending and higher taxes.

"Here we are, the gentleman has persisted", Madigan said.

Illinois' current spending, mandated by court orders and consent decrees despite the lack of a budget, has resulted in a $6.2 billion deficit and a $14.7 billion stack of unpaid bills as of Friday afternoon. "The overall image and viability of IL needs to improve".

After a 90-25 test vote on the spending bill, House Speaker Michael Madigan said his legislative chamber will return to session on Saturday, and he sent letters to major bond-rating agencies imploring them not to downgrade the state's credit ratings to junk as budget talks continue.

- State operations funding would be cut 5 percent across the board. While we've made progress on solving the governor's budget crisis, we are not done.

They include a four-year property tax freeze, and reforms to workers compensation laws and changes to pension benefits for state employees.

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