The Illinois Senate’s “grand bargain” package of bills will be revised to create a balanced budget, Senate President John Cullerton and Senate Minority Leader Christine Radogno said Monday.
During a meeting with The State Journal-Register editorial board, Cullerton, D-Chicago, said he will show Senate Democrats a draft for the state to have a balanced budget by June 30, 2018. […]
Cullerton said he believes the analysis produced by Rauner’s budget office contained some flawed assumptions, and that lawmakers will be able to work throughout the spring on a balanced spending plan for next year that will be based on additional revenue. […]
Cullerton warned that the state could be facing another credit downgrade if it doesn’t take action this month to show it is dealing with the budget crisis.
Subscribers know more about those claimed “flawed assumptions” by GOMB.
* More on the possible credit downgrade from Pierog and McKinney…
Fitch has warned that inaction on the budget front would result in a downgrade by the end of this month.
“If they do not do something that comprehensively addresses their budget problem and their long-term accumulated budgetary liabilities, then we certainly would take action,” Fitch analyst Karen Krop said Monday.