Trust lacking in Illinois failure to OK budget by deadline

They also approved a plan to sell the Thompson Center and to regulate catfish tagging, but no budget bill was ever called.

The rating actions largely reflect the severe deterioration of Illinois' fiscal condition, a byproduct of its stalemated budget negotiations, now approaching the start of a third fiscal year.

IL lawmakers' approval of an overhauled public school funding formula to replace a decades-old version considered unfair marked a bright spot for advocates in a gridlocked legislative session in which the state failed to agree on a budget for the third year running. Major rating agencies, which have pushed IL down the credit scale six times to a level two steps above junk since Rauner took office in January 2015, have signaled more downgrades are possible. Pat Quinn, even with a $31 billion income tax hike in effect from January 2011 to January 2015.

Madigan said Democrats have asked repeatedly in recent weeks to meet with Rauner and negotiate, but have not yet gotten a response. "There's a concern. They just don't have a high level of confidence in the way the governor has conducted himself".

Another, more-distant but politically crucial, deadline looms: the November 2018 election. Those payments go to fund student bus service and special ed programs, both of which schools are required to provide, but aren't being paid to provide them.

Rauner's spokepersons, however, have dismissed those efforts as "phony".

According to Illinois Policy, the trampoline law is going to be a costly undertaking for the state.

Gov. Rauner: That's not real change. They advanced a property tax freeze. Not wanting to take the political risk of sending a budget to Republican Governor Bruce Rauner that he would then veto, Illinois House Democrats chose not to vote at all on a Senate budget plan that included tax hikes, missing the midnight deadline.

"At home, if I were balancing by checkbook, if I were paying my bills, I can look at my checkbook and go, 'Wow, I have a lot of money.' And that's what this bill looks like right now".

Senate Democrats, led by President John Cullerton, passed a deal but the plan stalled in the House.

The speaker seemed to blame the governor, saying the lack of Republican support for the Illinois Senate's "grand bargain" budget package had diminished Democrats' confidence that a deal could be reached.

Illinois Governor Bruce Rauner talks to the media at the White House in Washington December 5, 2014.

Senator Paul Schimpf said he's just hoping they can get some sort of stop gap in place soon. Do supporters still want to pat themselves on the back?

The Illinois senate approved a bill calling for an elected school board in Chicago with a 53-2 vote Wednesday evening. "Now we call on Gov. Rauner to quickly sign the bill".

Democratic Speaker Michael Madigan told reporters Wednesday that his party would continue working with Republicans during June to fashion a balanced budget.

The impasse is decimating social services agencies that help the most vulnerable citizens, including school children, the elderly and the mentally ill, according to a coalition of groups including the Civic Federation, which tracks the state's finances.

Information for this article was contributed by Kiannah Sepeda-Miller and Sophia Tareen of The Associated Press and by Elizabeth Campbell of Bloomberg News.

  • Zachary Reyes