Illinois budget crisis hurting state investments, Rauner not budging

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SPRINGFIELD, Ill. –There’s more fallout from Illinois’ lack of progress on a budget deal.

Illinois Treasurer Michael Frerichs announced Tuesday that the state has lost millions of dollars in investment income because of the budget stalemate in Springfield.

The state has been without a budget for nearly a year, as an epic political standoff between republican Gov. Bruce Rauner and democratic leaders opposed to his agenda continues with no end in sight.

Lawmakers have just more than two weeks to reach a compromise.

Without a deal by the start of the new budget year on July 1, more than $9 billion in emergency funding that’s kept universities, domestic violence shelters and food stamps going will run out.

There is also no funding for primary and secondary schools which could put opening on time in jeopardy.

In Springfield today,  House Speaker Michael Madigan announced the House will not be in session Wednesday.

Madigan said bipartisan working groups will continue to meet and discuss some of the key issues standing in the way of progress.

Rauner addressed the annual meeting of the Illinois Chamber of Commerce Wednesday and said he will not back down from his push for pro-business, union-weakening reforms.


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