ILLINOIS — With 60-days remaining until the deadline to pass a budget, lawmakers are beginning to stress the importance of reaching a deal.
A new report shows, if a spending plan is not reached by May 31, the backlog of bills could reach $28 billion. The report predicts the state will face “unsustainable fiscal challenges” without a solution.
Moody’s new report states Illinois is on track to put long-term damage on colleges and social service providers because of the backlog.
Moody noted the state’s financial mess is not being caused by a recession, but rather a lack of political will. The state already has the lowest credit rating in the country and could sink further without a solution.
At least one lawmaker says, with the grand bargaining plan still in the works, there’s hope because things can happen at the last minute under a tight deadline.
Governor Bruce Rauner says he wants the Senate to continue working on the grand bargaining plan even though he’s previously said it doesn’t contain enough reforms to grow the economy.
Senator Bennett (D) says leaders Radogno (R) and Cullerton (D) continue to meet to negotiate the grand bargaining deal.
It’s also reportedly undergone more than 30-changes since it was first introduced. The Senate was expected to vote on more of it this week, but no votes have taken place for several weeks.