Illinois Faces Quick Deadline to Change Tax Regime, Pass Budget

Illinois Faces Quick Deadline to Change Tax Regime, Pass Budget

Officials in Illinois have until June 30 to resolve substantial issues involving every type of major tax so they can pass a budget and avoid their state becoming the first in history to have its bonds rated as "junk."
 
Junk status would make it extremely difficult, and expensive, for Illinois to borrow money. The rating could force the state to sharply increase taxes and cut spending, putting it under even more duress than it is already experiencing.