Lawmakers are being summoned back into session Saturday.
"Some investment firms that hold municipal debt have language in their covenants that says they can not invest in debt that is not investment grade", Jacobson added.
Lawmakers missed their original deadline of May 31 to pass a budget for the next fiscal year and they'll miss tonight's midnight deadline as well.
Political dysfunction and brinkmanship in Springfield, principally between Republican Gov. Rauner and the Democratic-controlled legislature, and especially House Speaker Michael Madigan of Chicago, has seen no budget emerge.
Brian Mackey reports on the spending and tax-hike votes House Democrats scheduled for Friday. The fiscal morass is the longest in any state since at least the Great Depression. "When we're close to that and close to junk bond status, that's serious", said Phillips, whose district includes Eastern Illinois University. "In light of this ongoing progress, I would ask that bond rating agencies temporarily withhold judgment and allow legislators time to negotiate a bipartisan, balanced budget".
There's a sign that a state budget will be passed this weekend.
"I am committing to put Republican votes on this, not just get this passed but to bring us past 71 and that is my commitment to you".
Meanwhile, Illinois risks intervention from federal judges overseeing consent decrees requiring the state to fund medical and other services for the disadvantaged.
After the vote was tallied, House Speaker Michael Madigan said IL won't meet the midnight deadline to pass a budget before the fiscal year ends.
Severe Thunderstorm Watch until 9 pm Saturday
The service forecasts mostly sunny sunny skies for Sunday , Monday and Tuesday with temperatures in the mid to high 80's. A second cold front will pass through in the evening with a stray shower, but most will just see some patchy clouds.
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But convincing Hill to stay, being able to afford him and Hayward's decision all complicate this head-to-head preference. He averaged a career-high 11.1 points and a career-best 9.1 assists, to go along with 4.1 rebounds per game.
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They are leaving behind a state debt burden so high it already works out at $12,000 for every IL citizen.
"Maybe we have turned a corner here today ladies and gentlemen".
"I think this is a challenge for our business customers", Smith said.
While a spending plan got early approval in the House on Friday, the chamber later adjourned for the day, with House Speaker Michael Madigan saying they would return Saturday - the first day of the new fiscal year. "The overall image and viability of IL needs to improve".
Illinois' current spending, mandated by court orders and consent decrees despite the lack of a budget, has resulted in a $6.2 billion deficit and a $14.7 billion stack of unpaid bills as of Friday afternoon.
- State operations funding would be cut 5 percent across the board.
Madigan plans floor votes Wednesday on issues tangential to the budget that Republican Rauner has insisted upon for two years.
Madigan, a Chicago Democrat, noted that much more work needs to be done, but said: "This is a good step forward, a step we can build upon".