Illinois Legislature to Miss Midnight Deadline to Pass Budget

Bruce Rauner / AP

The Illinois General Assembly is going to miss its midnight deadline to pass a budget.

The state, which has long faced financial woes, is at risk of having its credit rating downgraded among other penalties, the Associated Press reports.

Although the currently proposed budget passed a test vote on Friday, it will not receive a final vote in time. The test vote passed 90-25 in the House.

If Illinois does not pass a budget, multiple issues could occur. Colleges in the state may not be able to offer financial aid and lottery ticket sales, and infrastructure construction could stop. However, the worst consequence could be that the state's credit rating could be downgraded further, to "junk" status.

Republican Gov. Bruce Rauner has been in negotiations with the Democratic-controlled legislature over passing a budget, but there was too much difference between the two sides.

Illinois currently has $14.7 billion in past-due bills and the state has a $6.2 billion annual deficit from its last budget, passed two years ago.