Illinois House to vote on multi-billion dollar revenue package Sunday

Illinois budget (MGN)

Updated, 7:20 PM, July 1, 2017

SPRINGFIELD, Illinois– House Speaker Michael Madigan changed his tune Saturday, scheduling a key vote on a multi-billion dollar revenue package that would finance an end to the longest state budget crisis since at least the Great Depression.

Democratic Speaker Michael Madigan issued a statement saying a headcount would occur Sunday afternoon on a financial measure “modeled on the bill supported by” Republican Governor Bruce Rauner.

The decision reverses his announcement earlier in the day that there would be no budget votes before Monday.

There is no word yet on what specific legislation would be called, but the reference to “support” by Rauner and legislative Republicans indicates it would include a 32 percent increase in the personal income tax rate to raise about $5 billion, a provision the GOP has in the past indicated it would accept.

Original, 3:41 PM, July 1, 2017

SPRINGFIELD, Illinois — Illinois lawmakers promised they’d get a budget done by the end of the day Saturday. But, they didn’t hold up their end of the deal.

Lawmakers returned to work Saturday after missing a key deadline to prevent the state from starting an unprecedented third consecutive fiscal year without a budget. But House Speaker Michael Madigan took to the floor, saying a vote wouldn’t take place this weekend.

The House is in session Sunday, though, and is expected to vote on a “revenue package.”

Illinois has now officially entered its third consecutive fiscal year without a budget. That’s the longest impasse of any state since at least the Great Depression.

Without a budget, the state comptroller will be unable to cover basic services ordered by courts, road construction shuts down, Powerball ticket sales have halted, and the state’s credit rating could be downgraded to “junk.”

Illinois already has the lowest credit rating of any state, and could become the first  to be downgraded to junk status.