Hours before the fiscal year runs out, the Illinois House voted 90-25 to approve a budget amendment.
The bill proposed by Democrats and supported by about half of House GOP members outlines a $36 billion state budget for fiscal year 2018, which begins Saturday. Senate Bill 6 would cut spending by more than $2 billion and raise the state income tax to bring in $5 billion more in revenue, according to the Associated Press.
Rep. Steven Andersson (R-Geneva) supported the plan.
The bill requires a third reading and another vote before it passes, but this morning’s vote is considered an important step toward passing a plan, according to the Associated Press.
After the vote was tallied, House Speaker Michael Madigan said Illinois won’t meet the midnight deadline to pass a budget before the fiscal year ends. He said legislators will continue work Saturday, according to the AP.
The deadline is important because credit rating agencies have threatened to downgrade the state’s creditworthiness — this time to “junk” status — if a budget isn’t in place before the start of the next fiscal year. Illinois has gone two years without passing a full budget.
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