Illinois Rushes to Enact Budget to Avoid Junk Rating
- House passed tax hike over weekend that governor plans to veto
- State is now in its third straight year without spending plan
John Miller, Nuveen Investments co-head of fixed income, discusses the Illinois budget impasse. He speaks with Bloomberg's Vonnie Quinn on 'Bloomberg Markets.' (Source: Bloomberg)
Illinois lawmakers are racing to push through legislation to end a record-long budget impasse and avoid becoming the only U.S. state with a junk credit rating.
Lawmakers are in session Monday after the Democrat-run House of Representatives approved an income-tax increase with 15 Republican votes on Sunday, signaling bipartisan will to end the stalemate even though Governor Bruce Rauner vowed to veto it if the measure clears the Senate. The House also sent a $36 billion spending plan to the Senate amid concern that credit-rating companies will pull Illinois’s investment-grade rating if a budget isn’t enacted.