John C. Miller

Illinois Hustling To Dodge Threat of Junk Bond Rating

Illinois Hustling To Dodge Threat of Junk Bond Rating

Illinois lawmakers are racing to push through legislation to end a record-long budget impasse and avoid becoming the only state with a junk credit rating.

Lawmakers are in session Monday after the Democrat-run House of Representatives approved an income-tax increase with 15 Republican votes on Sunday, signaling bipartisan will to end the stalemate even though Gov. Bruce Rauner vowed to veto it if the measure clears the Senate. The House also sent a $36 billion spending plan to the Senate amid concern that credit-rating companies will pull Illinois' investment-grade rating if a budget isn't enacted.

"It's been a political crisis, an unprecedented stalemate for over two...

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