Illinois has been without a budget for two years and its bonds, already the lowest in the nation, face a downgrade to junk.
On June 15, Illinois Governor Bruce Rauner called a special 10-Day legislative session to finalize a budget.
We are now in the eighth day of the special session.
The Special Sessions Cost Illinois Taxpayers $50,000 a Day.
The special sessions have lasted from 10 to 23 minutes at the longest.
Progress was announced yesterday: My sources tell me that by an 84-0 vote, part of I-55 will be renamed the Obama Expressway.
Today, the Wall Street Journal reports Illinois Governor to Extend Session if Lawmakers Miss June 30 Budget Deadline.
On Tuesday Mr. Madigan unveiled a $36 billion budget proposal but didn’t spell out how much taxes would have to increase to get the state’s fiscal house in order.
If a budget isn’t passed by Friday, credit-rating firms have warned they will downgrade the state’s rating to junk.
Rauner Already Caved In
An even more amazing part of this reconciliation process is that Rauner has already caved in. On June 21, I commented Governor Rauner Screws Illinois.
In exchange for virtually nothing, the Governor agreed to a massive tax hike.