Illinois has a budget for the first time in more than two years, ending a standoff that threatened to downgrade the state’s debt to junk status and was wreaking havoc with cities, colleges and school districts across the state, the Wall Street Journal reported today. The state’s House of Representatives, led by Democratic Speaker Michael Madigan, voted yesterday to override Republican Gov. Bruce Rauner’s vetoes of revenue and spending measures the chamber passed on Sunday. The House’s repudiation of the governor marked the final hurdle in enacting a budget for Illinois — the first state in the union to have gone without a budget for more than a year since the Great Depression. Illinois entered its third fiscal year without a budget on July 1.
