The state will eat a 32 percent larger chunk out of most workers’ paychecks, retroactive to July 1.

More than 240 years ago, a group of individuals stood up against a far-off king who taxed them without recourse. Americans honor their efforts each year on Independence Day. The Illinois General Assembly had a funny way of celebrating this year. On July 2, the Illinois House of Representatives passed a budget that includes the...

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.

Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.

In a statement to the General Assembly July 4, Rauner listed the reasons why he vetoed the budget.

The Illinois House of Representatives has lacked a quorum for two straight days, rendering it unable to vote to override Gov. Bruce Rauner’s veto of the tax hike and budget plan passed by the General Assembly. The Illinois Senate passed the budget plan and tax hike and overrode the governor’s veto on July 4.

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.

House Speaker Mike Madigan can seem like the only state lawmaker in the Land of Lincoln.

The Illinois General Assembly passed a budget, including the largest permanent tax hike in state history, without structural spending reforms. Gov. Bruce Rauner vetoed the plan on Independence Day, and the Senate voted to override the governor’s veto. The package now heads to the House for an override vote.