Biz-novosti

Illinois House to take up likely $5 billion income tax bill


Saturday was the first day of the third straight year without a formal budget plan for IL, which has a backlog of unpaid pills estimated at $15 billion.

IL starts the new fiscal year today without a full budget for the third year in a row, but there was some optimism Friday that a spending agreement could be reached, possibly this weekend.

And nothing will happen again Sunday, although you can expect even more sound and fury, when House Democrats have scheduled a vote on tax increase legislation that is destined to fail because Republicans won't vote for it. All Democrats voted for the measure, and House Republicans were nearly evenly split. The state is starting its third straight fiscal year without a budget.

The fiscal morass is the longest of any state since at least the Great Depression, with IL ringing up a $6.2 billion annual deficit and a $14.7 billion stack of past-due bills. Earlier this week, S&P Global Ratings warned that it would probably issue the demotion if IL failed to pass a budget before Saturday.

"I come to you today with great joy, not with regret or despair".

The Illinois House adjourned just after 2 p.m. Wednesday without taking any additional action on the budget, or the other controversial matters at the heart of the impasse, despite threats from multiple bond houses that Illinois will be the first state to ever have its credit rating downgraded to "junk" without a budget in place by July 1. They say their plan is balanced - with spending cuts and tax increases. They want more of the same - more spending and higher taxes.

Chicago police, feds team up on new effort to curb violence
Trump's tweet comes after authorities confirmed to The Chicago-Sun Times reported that Trump had sent twenty agents from U.S. The unit is also meant to team up front-line law enforcement officers with state and federal prosecutors.

The House voted 90-25 late Friday morning on a version of a yearlong spending plan. "People in every corner of the state are watching what we do, to see if we get the job done", Harris said in presenting the plan on the House floor Friday.

"What got IL in trouble over the past 12 years was passing spending bills but not tying it to revenue, so we would continue to spend more than the revenue coming in, which put IL in its debt situation", Syverson said. He said chief negotiators for state appropriations, revenue and workers' compensation issues will work through the weekend.

Democratic Representative Lou Lang says the overwhelmingly bipartisan support of the spending bill from Friday's vote will send it to the Senate.

Rauner has also not been present at negotiating meetings.

- State employee pensions would be fully funded.

Related Articles

Comments