Welcome to the Reader‘s morning briefing for Tuesday, July 4, 2017. Happy Independence Day!
Standard & Poor’s calls Illinois house’s actions a “crucial step” to ending budget impasse
Weekend progress at the Illinois capitol in Springfield has the financial world slightly more optimistic about Illinois’s financial future. Illinois has been facing a junk bond rating from Standard and Poor’s Global Ratings if a budget deal is not reached as soon as possible. The Illinois house passed a spending plan and income-tax hike Sunday, which could lead to an agreement if it passes the Illinois senate with a veto-proof majority. The house’s actions are a “crucial step” in ending the two-year budget stalemate, according to S&P. The legislation “could represent the first step in a stabilization of Illinois’ fiscal outlook and may lead to an easing of pressure on the state’s credit quality,” the agency told Bloomberg in an e-mail Monday. [Bloomberg]
