While Wisconsin is currently just under a week overdue from passing a state budget, the Illinois legislature just passed one for the first time in two years. But that isn't the end of the story. The Democrat legislature passed tax increases to the tune of $5 billion in an effort to avoid junk bond status. The tax increases include boosting both the individual and corporate income tax by over 30%. Governor Bruce Rauner (R) vetoed that increase over the weekend and now the legislature is attempting a veto override. Even if the deal passes, Moody’s has said that may not be enough as the budget does not begin to address the major structural issues in Illinois. While they have over $15 billion in unpaid bills, the real story is in the unfunded pension liabilities still facing the state of over $100 billion.
The Illinois Senate voted to override the Governor's veto earlier this week, while the House will vote today. While Democrats only need their own votes in the Senate to override the veto, if every member of the House is present to vote, they will need GOP votes to complete the job. Fifteen Republicans voted for the budget initially.
Chicago WGN 9 has more on the last minute debate happening in Springfield.