Standard and Poor’s has reported that the remaining weeks of the Illinois General Assembly’s budget session should help determine the financial direction of the State. The 2011 income-tax increased is scheduled to expire, creating a $1.8 billion shortfall in the 2015 fiscal year.
Robin Prunty, an S&P analyst said, “We believe the final outcome of legislative deliberation on the budget and judicial deliberation on the pension reform will cement the state’s credit direction and could have a profound effect on its budgetary performance and liquidity.”
