Yet, the political sniping between Republican Gov. Bruce Rauner and Democrats who run the Legislature hasn’t changed: Each side blames the other, and neither appears willing to budge.
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Compounding Illinois’ challenges, Munger noted businesses that have provided goods and services to the state in good faith in the current fiscal year will continue to go unpaid without legislation in Springfield. Business leaders on Thursday warned that lack of action on a budget will jeopardize almost $2 billion in road and bridge construction _ and many jobs _ this summer, while the comptroller says her authority to make payments will end July 1.
The groups say the state signed a contract to fund them, budget or no budget.
The credit rating agency downgraded Illinois’ credit rating to two levels above junk status as the state is poised to enter into its 12th month without a budget, with Moody’s citing “political gridlock” as a reason behind the move. The state is planning to sell $550 million of general obligation bonds on June 16.
Schools are at risk of not opening this fall. Hours later, Madigan issued a statement calling the ongoing impasse an “outrage”. As a result of the downgrade, it will now cost more in interest to borrow that money.
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In Chicago, hundreds of students and parents crowded outside the downtown building where state elected officials, including Rauner, have offices to call for more funding and a change to the way IL distributes money to schools. “Crisis creates leverage … and we’ve got to use that leverage of the crisis…'”, said House Speaker Michael Madigan.
