Ratings Agency Says New Illinois Budget Is 'More of the Same' - NBC Chicago
Ward Room
Covering Chicago's nine political influencers

Ratings Agency Says New Illinois Budget Is 'More of the Same'

Rauner and Democrats who control the General Assembly couldn't agree on a plan in 2015 or 2016.

    processing...

    NEWSLETTERS

    Governor Bruce Rauner Signs $38 Billion Budget

    Gov. Bruce Rauner, the Republican who arrived in town three years ago and fought established Democrats so hard the state was thrust into fiscal crisis, has signed a $38.5 billion bipartisan budget plan, the first agreement reached on time in four years.

    (Published Monday, June 4, 2018)

    A major credit ratings agency says Illinois' new budget is "more of the same" from the worst-rated state in the U.S.

    S&P Global Ratings released an analysis Tuesday of the $38.5 billion budget.

    The agency says the budget passing on time — unlike in previous years — may have positive implications for the state's credit rating, which is one level above "junk" status. But the agency says the plan continues Illinois' past practices of banking on revenue and savings that may not materialize.

    For example, the budget relies on $270 million from the sale of the James R. Thompson Center, a state office building in Chicago lawmakers have discussed selling for years.

    Lawmakers Near Budget Deal in Springfield

    [CHI] Lawmakers Near Budget Deal in Springfield

    In Springfield, lawmakers are nearing agreement on a budget deal before Thursday's deadline. NBC 5's Mary Ann Ahern previews what will happen in Springfield over the next 36 hours. 

    (Published Wednesday, May 30, 2018)

    The budget also assumes savings from a pension buyout the agency describes as "uncertain" and doesn't pay down billions in bills or set aside money for a reserve fund.

    Get the latest from NBC Chicago anywhere, anytime

    • Download the App

      Available for IOS and Android