CHICAGO - The Illinois Senate approved legislation Thursday to fill a $1.6 billion gap in the state's current-year budget largely with a one-time funding fix. The measure, which the House passed earlier this week, now heads to Gov. Bruce Rauner, who is expected to sign it "as soon as possible," according to his office.
In a statement issued after the Senate vote, Rauner said the legislation fulfills a campaign promise.
"As promised, we are eliminating a $1.6 billion deficit without borrowing or increasing taxes on hard-working Illinois families," the new governor said. "By choosing to make difficult decisions on a bipartisan basis, the General Assembly is helping set a new tone for what can be achieved in Springfield."
The plan erases only red ink in the fiscal 2015 budget. Analysts and others are more closely watching how the state handles an estimated $6 billion shortfall in the 2016 budget.
The bill marks the first cooperative achievement between Republican Rauner and the General Assembly's Democratic majority.
The legislation shifts $1.3 billion from so-called fund sweeps, allowing the state to capture surplus revenues in various non-general fund accounts. It also includes $300 million in spending cuts.
The House approved it on March 24 by a vote of 69-48, with yes votes from members of both parties.
