PI Original Progress Illinois Tuesday July 14th, 2009, 4:17pm

Springfield Update: Illinois As The "Argentina Of The Midwest"

The Illinois House ended its special session in Springfield today after only 10 minutes and the Senate didn't stick around much longer. While nothing concrete was accomplished, it appears that lawmakers are moving closer to finalizing a state budget deal, which could see a ...

The Illinois House ended its special session in Springfield today after only 10 minutes and the Senate didn't stick around much longer. While nothing concrete was accomplished, it appears that lawmakers are moving closer to finalizing a state budget deal, which could see a vote when the chamber returns to work tomorrow afternoon. Here is what we know so far:

The four legislative leaders held a private meeting with Gov. Pat Quinn this morning, which they described as productive. Sen. President John Cullerton said that he "looks forward to taking action tomorrow" to "stabilize our fiscal condition" when his chamber reconvenes at 12 pm. Watch his brief statement on the Senate floor this afternoon:

What will the budget look like? It seems the temporary budget plan has been tabled in favor of a 12-month budget and House Minority Leader Tom Cross says a tax increase "is off the table." As a result, a compromise is likely to include heavy borrowing and considerable spending cuts. 

We caught up with Rep. Will Burns before he headed into a Black Caucus meeting late this afternoon. He predicted that the human service spending will come in at 85 percent of the governor's proposal. That spending, he notes, hinges on the legislature approving a short-term borrowing scheme to pay the state’s pension contribution (freeing up an extra $3.5 billion for the FY 2010 budget).

Burns said he will support the borrowing scheme.  But the Chicago Democrat -- an outspoken proponent of an income tax increase -- regards the cobbled-together budget amounts as an unsustainable solution.

"At what point does the International Monetary Fund put Illinois on an austerity budget?" he quipped. "We're like the Argentina of the Midwest ...There's going to be a day of reckoning."

Despite that fact, there are rumors that state lawmakers -- including Cullerton -- may be heading to St. Louis tonight for the Major League Baseball All-Star Game. Considering all that's on the line, let's hope that's not the case.  

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