Gov. Bruce Rauner has compromised over and over to strike a deal, to the point of abandoning every reform he once demanded. But no matter how much Rauner gave, House Speaker Mike Madigan never budged.
In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.
State lawmakers still haven’t passed a budget, but the Illinois House of Representatives passed a resolution June 22 declaring Southern Illinois the “Eclipse Crossroads of America.”
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.