Rauner’s Tax-Free Illinois Budget Fix Has Skeptics
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Illinois Governor Bruce Rauner has a recipe for plugging the state’s $6.2 billion deficit that relies on cuts and avoids new taxes. The approach is breeding skepticism at debtholders BlackRock Inc. and U.S. Bank Wealth Management.
The first Republican elected to lead the state in 16 years, Rauner inherited $111 billion of unfunded pension liabilities and a budget that is set to run out of money by June 30 after lawmakers let a higher levy on income expire.