Illinois could become America's first 'junk' state

The Illinois Senate overrode the governor’s veto of a fresh budget package on Tuesday, bringing the state closer to resolving the crisis This particular’s currently in.

The Senate had approved several bills on Tuesday morning however they were promptly vetoed by Governor Bruce Rauner.

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After overriding the vetoes, the bills right now return to the House where lawmakers will also need to override them.

On Sunday, the budget package passed inside the Illinois House with bipartisan support.

The package includes an increase to the state’s individual income tax rate through 3.75% to 4.95%. This particular would certainly also increase the rate for corporations to 7%, up through 5.25%.

Related: Illinois inches toward budget as downgrade fears loom

If the House doesn’t override the governor’s veto of the budget package, the state would certainly be unable to pay its bills in addition to would certainly again be at risk of having its credit downgraded to junk.

Illinois would certainly be the first state to have such a rating.

Not getting the budget approved would certainly also make the state more likely to default in addition to the lowered credit rating could turn away investors, creating borrowing costs rise even more.

The state currently has $15 billion in unpaid bills in addition to a net deficit of roughly $130 billion.

The budget crisis came about because lawmakers were unable to pass a fresh spending plan before the start of the fiscal year. This particular can be the third straight year Illinois hasn’t had a complete budget.

sy88pgw (fresh York) First published July 4, 2017: 1:20 PM ET