Illinois income growth worst in nation, yet lawmakers want higher taxes
From the Bellevilla News-Democrat: The playbook is being followed, pretty much like Illinois Gov. Bruce Rauner predicted. The Illinois House wouldn’t even bring a budget bill to a vote before they adjourned May 31. Rauner said House Democrats would spend the summer holding press conferences and “sham” hearings with those hurt by the budget. Democratic state Reps. Jay Hoffman and LaToya Greenwood followed the plan and did just that Wednesday.
Illinois’ economic growth is worse than during the Great Depression
From Illinois Policy: Illinois’ total state economic activity has increased by only 4 percent since 2007, which is lower than the U.S.’ 10 percent GDP growth during the worst decade of the Great Depression.
Chicago property tax bills going up 10 percent this year
From the Chicago Tribune: The average Chicago property tax bill is going up about 10 percent this year following City Hall and Chicago Public Schools tax hikes to pay for police, fire and teacher pensions, according to calculations released Tuesday by the Cook County clerk’s office.
Supreme Court could tackle partisan gerrymandering in watershed case
From the Washington Post: With newly elected Scott Walker in the governor’s office and a firm grip on the legislature, Wisconsin Republicans in 2011 had a unique opportunity to redraw the state’s electoral maps and fortify their party’s future.
U.S. runs budget deficit of $88 billion in May, Treasury says
From Market Watch: The federal government ran a budget deficit of $88 billion in May, the Treasury Department reported Monday, up from $53 billion in the same month a year ago.
Senate overwhelming votes to curtail Trump’s power to ease up on Russia sanctions
From the Washington Post: The Senate voted overwhelmingly Wednesday to allow Congress to block any efforts from the president to scale back sanctions against Russia, and to step up sanctions against Moscow for interfering in the 2016 elections.
Federal Reserve Raises Benchmark Interest Rate for Third Time in 6 Months
From Time: The Federal Reserve has raised its benchmark interest rate for the third time in six months, providing its latest vote of confidence in a slow-growing but durable economy. The Fed also announced plans to start gradually paring its bond holdings later this year, which could cause long-term rates to rise.