Thursday will be do or die for an income tax increase and Illinois’ first budget since July 2015, following a warning from Moody’s that the state is under review for a credit rating downgrade.

Illinois is a single step away from having its first budget in years, after a whirlwind of Fourth of July action that saw the state Senate swiftly overriding Gov. Bruce Rauner’s vetoes of a $5 billion tax hike and $36.1 billion budget that the senators had passed just hours earlier.

Illinois senators will spend Independence Day voting on a budget and income tax hike. Even if both plans pass, it doesn’t necessarily mean Illinois will get its first budget in two years. 

In a stunning turnabout from the partisan divisions that has kept Illinois without a budget for the past two years, Republicans joined with Democrats to pass $5 billion in new taxes, along with a $36 billion budget.

Illinois escaped an immediate slump to “junk” bond status as it began its third consecutive year without a budget—a politically depraved condition that’s a first for modern state governments. Get the latest from Springfield.

The state will begin a third fiscal year without a budget in place, despite a potential breakthrough Friday morning, when a $36.5 billion spending plan cleared a major hurdle in the Illinois House.

Two days before a Springfield special legislative session is scheduled to end, Illinois Senate Minority Leader Christine Radogno announced she will resign Saturday.

In a statement released Wednesday, Gov. Bruce Rauner said he would prolong the special legislative session “if the legislature fails to send a balanced budget package to my desk by Friday.”

Budget negotiations are ongoing in Springfield, with Friday's deadline edging ever closer. 

Illinois lawmakers were in special session Monday—and all weekend—attempting to hash out a budget deal. But what if they don’t get it done before Friday?

As Illinois faces an end-of-month deadline to pass a budget, Illinois House Speaker Michael Madigan has introduced a new set of preconditions to a compromise.

An updated “doomsday” picture offered by Comptroller Susana Mendoza: Without a budget in place soon, she won’t be able to write checks to pay for the most basic of services come August.

Still no budget out of Springfield. Shootings and murders dip in May. The Chicago Bulls ship Jimmy Butler to the Minnesota Timberwolves, and a rare allergy puts Chicago Blackhawks’ Marian Hossa out the for season—and perhaps permanently.

The end of the fiscal year is a week from Friday. Is Illinois any closer to getting a budget passed by that deadline?

In the crowded race for governor, businessman Chris Kennedy is making a name for himself by bucking Democratic Party leaders.

The 10-day special session called by Gov. Bruce Rauner got off to a slow start Wednesday, with legislators spending none of their short time on the House and Senate floors debating material fiscal matters.