Estimate: Special session costs $48K for 1 day

Illinois Gov. Bruce Rauner speaks at a news conference in Chicago

The governor said it would be a waste of time since House Speaker Michael Madigan told him the House wouldn't be voting on the stuff Rauner wanted passed.

Illinois' budget impasse will reach the two-year mark on June 30.

Further, Speaker Madigan has not indicated how the State House and he will vote on the newly proposed Senate-Rauner Grand Bargain, part 2. If we don't pass a budget by the end of the (fiscal) year we don't have an appropriation, we don't have the authority to spend money and you have a state aid payment due sometime at the end of July.

IL continues to spend at levels that existed in 2014 even though the state's income tax rates dropped in 2015 when a temporary tax expired.

During the regular session, Senate Democrats passed a plan to generate $5.4 billion through an income tax hike and other taxes to fund a $37.3 billion budget plan.

"I can not overstate that there is no time like the present", Durkin said. Harris also criticized Rauner for calling for unity on a budget deal at the same time he's funding campaign ads targeting House Democrats.

The Republicans, under their fearless Leader, Gov. Rauner, argued that with reforms, spending cuts and spending caps, the budget could be balanced, without massive tax increases.

About six months ago, Senate President Cullerton (Democrat-Chicago) and Senate Republican Leadar Radogno (Republican- Lemont) began working on a Grand Bargain, reforms for tax increases, or so they said. He says he wants a budget deal. That issue is among those Rauner has pushed as a prerequisite to a broader spending agreement, amid opposition from Democrats who say the governor's proposals would harm employees injured on the job. To pass a measure during the special session, a two-thirds majority is required.

Senator Don Harmon said Rauner's speech was more of the same.

John Tillman, CEO of the Illinois Policy Institute, said in a statement that the compromise "is a mistake".

The impasse has hit social services and higher education hard, with even more pain expected if there's no budget. The state has, additionally, racked up unpaid bills totaling almost $15 billion - equal to about 40 percent of its annual operating budget. The Senate, which also convened Wednesday, will also meet privately. "But we don't need to do that when we're down here for ten days to get this darn thing over with".

Retired University of Illinois Springfield political professor Kent Redfield said he thinks the special session could go either way. Rating agencies Moody's Investors Service and S&P Global Ratings recently downgraded Illinois' general obligation bonds again (for the eighth time in eight years, in the case of Moody's) to just one notch above junk status.

"I think if he is serious about passing a budget he would not be running television commercials, spending millions of dollars attacking people on the other side of the negotiating table".

Illinois Governor Bruce Rauner made an impassioned plea Wednesday's special session.

"Failure to act is not an option", Rauner said in speech on the eve of the special session.

"We're asking the General Assembly to do what those who came before us did that changed the course of history: have the courage to dare to do what is right, to act for the people." he said.

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