Illinois Entering Year Three With No Budget

John Miller Nuveen Investments co-head of fixed income discusses the Illinois budget

Should they lead to a deal, the General Assembly will be in session Saturday to take action (the House will convene at 11 a.m., the Senate at 2 p.m.).

"House Speaker Michael Madigan says he sent a letter 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". However, since that proposal was an amendment, it still requires another vote for final House approval.

Without a deal this time, the United Way reports that 36 percent of all human services agencies in IL face closure by year's end, according to Rep. Greg Harris, the Chicago Democrat sponsoring the budget legislation.

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.

Credit agencies have warned that the state's debt would be rated "junk" status if the state didn't have a budget by July 1.

On Saturday, the state will begin its third year without a full balanced budget, but there's new hope of a bipartisan resolution in the next few days.

"I come to you today with great joy, not with regret or despair".

Representative Pritchard says that the budget will bring a new day to IL.

Terminally Ill Patients End Their Lives Under Calif. Right-To-Die Law
Results on the 59 others who received the drugs but did not die were not reported on in the six-month time frame, the report says. According to the law, seriously ill people could demand life-threatening drugs to doctors in order to end up their lives.

"The problem we have is we have this giant backlog of bills that are accruing interest that is crushing the state", Hays said.

Syverson said a budget agreement would be impossible without a tax increase, but the new revenue must go toward paying the state's bills and not new spending, which is what had been done with the money raised from former Gov.

The House voted 90-25 on Friday on a version of a yearlong spending plan. They include cost-cutting changes to workers' compensation, government consolidation and a property tax freeze.

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.

While a tax hike is always controversial, stakes are higher given both the gravity of Illinois' financial distress, and the 2018 elections.

Rauner has also not been present at negotiating meetings.

She said that would make "the unthinkable" — such as delaying pension payments or not paying state workers — very likely.

Related News:

  • Andy Murray withdraws from Hurlingham Club exhibition ahead of Wimbledon

    The world number seven was due to face Karolina Pliskova in the last four but on Friday morning withdrew due to a spine injury. Defending champion Andy Murray has pulled out of his final warm-up match before Wimbledon because of a sore hip .

    'Transformers' tops box office but is biggest in China

    The global market on the other hand has been generous and kind to Transformers 5 , with China being the most lucrative one. But of you go by the opening weekend figures of the latest installment, it's time to trigger the alarms.

    Saudi-Turkish ties strained over differing views on Qatar

    On 7 June - the third day of the crisis - the Turkish parliament fast-tracked legislation to allow the troops to be sent to Qatar. Prior to the diplomatic row, Qatari nationals could travel visa-free between Saudi Arabia, the UAE, Kuwait, Oman and Bahrain .
  • Paxton cheers Texas Supreme Court ruling on same-sex benefits

    Paxton cheers Texas Supreme Court ruling on same-sex benefits

    The court overturned a lower court's decision that favored same-sex marriage benefits, ordering the issue back to trial. The Texas Supreme Court has ruled that same-sex couples do not have to provide spousal benefits to married gay couples.
    Trump holds first talks with Ireland's new prime minister

    Trump holds first talks with Ireland's new prime minister

    Trump also invited the Taoiseach to attend the annual St Patrick's Day events in Washington next March. Donald Trump has called the Taoiseach Leo Varadkar to congratulate him on his "great victory".
    Texas mother left kids in hot vehicle  as punishment, authorities say

    Texas mother left kids in hot vehicle as punishment, authorities say

    Randolph will go before a judge for a bond hearing and more details will be revealed regarding the charges she'll face. Cynthia Marie Randolph , 24, was being held Saturday on two counts of causing serious bodily injury to a child.
  • 'Plenty of hiccups' expected with the arrival of biggest tax reform'

    He added that he has also spoken to former Jammu and Kashmir chief minister Omar Abdullah and requested him to support the GST . However, GST will make India a common market with common tax rates and procedures and remove economic barriers.
    Paul George went from

    Paul George went from "Indiana" in "Oklahoma"

    Oladipo averages a couple more points and assists per night while Crowder is a better rebounder and defender. Paul George will make $19 million this season before he hits free agency next year.
    Nicola Sturgeon to 'reset' indyref2 plans

    Nicola Sturgeon to 'reset' indyref2 plans

    She said the SNP leader was "in denial" and "leaking credibility and confidence in her leadership by the hour". Scottish first minister says people are exhausted of "making political decisions".
  • DUP head: Talks with UK Conservatives going well

    DUP head: Talks with UK Conservatives going well

    If that happens, Corbyn will demand a chance to try to form a government by uniting progressive factors in the House of Commons. But a deal with the DUP also risks destabilizing Northern Ireland by increasing the influence of pro-British unionists.
    Check out the list of companies hit by global ransomware attack

    Check out the list of companies hit by global ransomware attack

    It is reported that the German independent email provider Posteo blocked an email address associated with the blackmail attempt. A new " Petya " ransomware attack has hit the globe, affecting several corporations, airports and government departments.
    Formula One: Hamilton takes 66th career pole in Azerbaijan

    Formula One: Hamilton takes 66th career pole in Azerbaijan

    Romain Grosjean was 17th for Haas, struggling to find a balance, while Sauber's Marcus Ericsson was 18th. Alonso will start in an embarrassing 16th and Vandoorne next to last in 19th.


Most liked

YOUR WEATHER AUTHORITY: Showers, thunderstorms in Tuesday forec
Forecasters say thunderstorms will develop across southeast MI during the afternoon Friday and increase throughout the evening. Monday and Tuesday , however, are expected to be mostly sunny, with highs near the upper 80s and low 90s.

Chicago to Get Federal Help on Gun Crimes
Meanwhile, Chicago police say crime in the city has decreased from 2016, when there were 4,331 shooting victims and 762 homicides. Chicago's police department personally asked Attorney General Jeff Sessions for additional resources a few months ago.

Small Plane Crashes Into Traffic On The 405 Freeway
They show the plane in flames, emergency teams rushing to the scene, and the plane's passengers after they were evacuated. The airfield was closed to arrival flights for a period of time but has now returned to full operation.

Congress could approve two laws against undocumented immigrants
A mother of a victim told the New York Times she was so overwhelmed by the President's statements on immigrations she cried. Marsha Blackburn echoed Roby's sentiments, saying it's unacceptable certain jurisdictions refuse to comply with the law.

Qatar's Foreign Minister Meets Rex Tillerson: Saudi Demands Are 'Unreasonable and False'
He added: "We have heard that these demands are non-negotiable , but this violates the principles of global relations". The Guardian has reported the Qatar as the richest country in the world in terms of GDP per capita.

US Targets Chinese Bank, Company and 2 Citizens Over North Korea Ties
Chinese President Xi Jinping must be judicious as he chooses how to respond to Trump's actions. But Mnuchin said the action was not being done to send China a message.

Pound on Seven-Day Hot Streak as BOE Stiffens Hiking Rhetoric
Investors moved to price in tighter monetary policy in Europe, based on this week's central bank commentary, both in Frankfurt and London.

Chile wary of sharpshooter Ronaldo
With a year left on his Gunners' contract, Sanchez is stalling on signing an extension amid rumours of a switch to German giants Bayern Munich .

Liberals expect defeat Thursday, but want to pass new campaign finance law
The clarification is important, said de Jong, because an NDP-Green government would have 44 votes, compared to 43 Liberal votes. Legislature Steve Thomson is lead by the Sergeant-of-Arms, to start of the debate in Victoria, B.C., on Monday, June 26, 2017.

Microsoft to bring OneDrive support to iOS 11 Files app
Apple Music: With version of Apple Music that's included in iOS 11 you'll be able to share music and playlists with your friends. Using Bluetooth or Wi-Fi, the software will be able to identify if the phone is connected to the auto and its user is driving.

Britain sets out post-Brexit plans for EU citizens
European Commission chief Jean-Claude Juncker meanwhile said May's promises were "first step but this step is not sufficient". Labour leader Jeremy Corbyn dismissed May's proposals as "too little, too late".

Bodies of missing sailors found in flooded compartments of United States destroyer
Searchers found their bodies Sunday morning, Japan time. "They had to fight the ship to keep it above the surface". Saturday, and that one machinery room and two berthing areas for 116 crew members were severely damaged.

Sears to cut 400 full-time jobs, mostly at corporate office
That requires the company to optimize its store footprint as well as operate an organization that is simpler and leaner. Sears Holdings Corp. said it is cutting 400 jobs at its corporate offices as part of its restructuring plan .

Bruno Mars, nominated for 5 honors, to open BET Awards
Tonight will be fun for everybody, as many awesome artists will grace the stage with their outstanding performances. For viewers without cable, a livestream will be available on BET.com , as well as on YouTube .

New study finds uptick in crashes where marijuana is legal
Two recent studies have looked at whether Colorado's roads are less safe due to the legalization of marijuana . It would also consist of members from marijuana advocacy groups, state educators, and state health officials.