undergroundnewsroom.com
undergroundnewsroom.com October 23, 2017


Meier hopes Rauner leadership will bring budget compromise

23 June 2017, 05:16 | Ruben Thornton

Meier hopes Rauner leadership will bring budget compromise

Gov. Bruce Rauner speaks in the Illinois House chamber in Springfield Ill. Already holding the title for longest state budget stalemate Illinois is poised to enter a third year without a spending plan as the feud

House Republican Leader Jim Durkin said it was hypocritical of his Democratic colleagues to question whether the GOP budget plan was balanced, noting their history of passing budgets that spend more than the state has on hand.

If the state doesn't enact a plan that reins in its chronic deficit, S&P warned that IL will likely lose its investment-grade status around July 1.

A key reason for past failure has been House Speaker Michael Madigan (D-Chicago), Ives said.

It's as if Gov. Rip Can Winkle has awakened from a two-and-a-half year nap to find the state he was supposed to manage is teetering on the brink of fiscal collapse.

Frerichs said that reaching junk bond status would mean higher costs to the state when it issues debt.

If we can agree to pass it, this plan will send a message across our state and around the nation that we are serious about making IL a more attractive destination for investment, new businesses, and new jobs. "I didn't hear much from the governor this evening that I haven't heard before", said Harmon in a press release".

After the session ended, Republicans presented their own "compromise" budget and reform package, agreeing to a temporary income tax increase for other measures including a property tax freeze. The House will also hold a Committee of the Whole on Friday on the topic, which Republicans dismissed as a waste of time and more political theater that distracts from efforts to strike an agreement.

Perhaps an indication of how the special session will begin, House Democrats in turn called the televised event a "campaign speech" and accused the governor of "talking out of both sides of his mouth".

A special session, or a continuous special session, is a period when the House and Senate convene following the end of the regular session.

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In the meantime, Illinois Comptroller Susana Mendoza said last week the bills her office is required to pay under state law and court orders will total more than the state receives in revenue each month.

Batinick said he hopes lawmakers can get down to business and work together during the special session.

"If we can agree to pass it, this plan will send a message across our state and around the nation that we are serious about making IL a more attractive destination for investment, new businesses and new jobs", he said.

"It has to be a compromise", he said.

IL now has $15 billion in unpaid bills, a running deficit of $6 billion and an estimated $130 billion in pension debt. I don't want to have the schoolchildren of IL to be placed in that situation.

Ives also said the reforms don't go near far enough to improve the state's economy and jobs climate. "But we don't need to do that when we're down here for ten days to get this darn thing over with".

Low credit ratings make it more hard for the state to borrow money and it makes the cost of borrowing more expensive Analysts believe that downgrades into junk status will make lending IL money too risky in some instances.

"Failure to act is not an option", Rauner said in speech on the eve of the special session.

In an unprecedented move, Rauner made a personal address to the people of Illinois Tuesday.



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