Illinois House Overrides Rauner’s Veto to End Budget Impasse
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Moody’s warns Illinois’s rating could still be cut to junk
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State bonds rallied as lawmakers moved to end record impasse
Illinois ended a record-long impasse as lawmakers overrode Republican Governor Bruce Rauner’s veto to increase taxes and enact a $36 billion budget, prodded by warnings from credit-rating companies that the state’s bonds could be cut to junk if it failed to act.
The resolution to the fiscal standoff, which emerged from the Democrat-led legislature over the last several days, triggered a rally in Illinois bond prices by signaling that elected leaders are beginning to tackle the government’s long-building financial strains. Without a full-year budget for the past two years, Illinois continued to run up deficits, leaving it with dwindling reserves, a record pile of unpaid bills and increasing obligations to its underfunded employee pension system…
Illinois House Overrides Rauner’s Veto to End Budget Impasse
