The special session will deal with Senate Bill 1, an education finance bill that contains an annual $215 million pension bailout for Chicago Public Schools.
The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.
Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.
The House will need 71 “yes” votes to override Gov. Bruce Rauner’s veto of a permanent 32 percent income tax hike. The July 2 vote to pass the tax hike received 72 yeas.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.