Illinois Blows Budget Deadline, Pushing It Closer to Junk
- House plans Sunday vote after adjourning without agreement
- S&P warns of downgrade if the impasse isn’t soon resolved
Nuveen's Miller Says Illinois Is in a Political Stalemate
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Illinois entered its third straight fiscal year without a budget as Republican Governor Bruce Rauner and Democratic lawmakers struggle to agree on how to rein in the government’s chronic deficits, pushing it closer toward becoming the first junk-rated U.S. state.
State legislators failed to enact a budget by the end of Friday, the last day of the fiscal year, though negotiations continued. Speaker Michael Madigan, a Chicago Democrat, said in a statement on Saturday the House would vote Sunday "on a revenue package that is modeled on the bill supported by the governor, and House and Senate Republicans.”