Tick Tock: 716 Days Without a State Budget
Lotteries, Downgrades, and a Veto: Rauner’s Week of Wrecks
Chicago, IL – This week, Bruce Rauner’s 716-day budget impasse spiraled out of control, as Illinois lurched from crisis to crisis. Lotteries booted Illinois, ratings agencies downgraded state bonds, roadwork projects across the state prepared to grind to a halt, all while Bruce Rauner failed to act.
Let’s take a look back at another week of Bruce Rauner’s historic failures and the Illinois families paying the price:
- The Illinois Department of Transportation is preparing to halt all roadwork projects statewide if a budget is not passed by the end of the month.
- The Multi-State Lottery Association voted to remove Illinois from the Powerball and Mega Millions lotteries if the state does not pass a budget by the end of June. A portion of lottery proceeds go to state revenue, so this will be more lost revenue under Bruce Rauner’s watch.
- Last Friday, Moody’s downgraded the bond rating of seven Illinois universities. Five were downgraded to junk status. This week, Moody’s downgraded the bond rating of both the Regional Transportation Authority and the Chicago Transit Authority.
- Bruce Rauner announced plans to veto an education funding reform bill, despite supporting 90% of the legislation. Rauner paid lip service to the issue for years and even formed a bipartisan commission to address the issue. The bill is based on the recommendations of this commission, but Rauner still won’t sign it. The Chicago Sun-Times blasted the failed governor for his refusal to compromise.
- The Fiscal Times wondered if Illinois will become the first state to go bankrupt.
- Moody’s made clear what has been known all along: the people suffering most from Rauner’s manufactured budget crisis are “K-12 school districts with low property wealth or high poverty.” In other words, Illinois children from low-income families are paying the price for Rauner’s failures.
“Illinois is careening towards a fiscal cliff, each week worse than the next, under Bruce Rauner’s failed leadership,” said Pritzker campaign spokeswoman Jordan Abudayyeh. “This is a case study in how not to run a state as Illinois continues to break records for all the wrong reasons. Week after week, Bruce Rauner fails to do his job as the most vulnerable Illinois families pay the price.”