Illinois Bonds Gain as Budget Passage Promises to Avert Impasse
- Senate passes $38.5 billion bipartisan spending plan
- House is planning to vote on budget bills on Thursday
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Illinois bonds gained after the state’s senate approved a $38.5 billion budget with broad support from both Republicans and Democrats, signaling that the state may avoid a repeat of last year’s impasse that pushed its bond rating to the verge of junk.
The passage late Wednesday marked a break for a government that for the past three years has missed key deadlines for enacting its spending plan because of political bickering, gridlock and the failure of leaders to reach an agreement. If approved by the House Thursday and signed by Republican Governor Bruce Rauner, it would be the first time since he took office in 2015 that a full-year budget is enacted on time.