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 While the Republican expressed optimism that Democrats were now
willing to negotiate his so-called turnaround agenda, his office
later lashed out at Democratic House Speaker Michael Madigan for
declining to compromise.
Democratic state lawmakers have been voting down key elements of the
governor's agenda, including reforms to workers' compensation and a
local property tax freeze. Democrats have also been passing their
own spending plan for the fiscal year that begins July 1, while
acknowledging the $36.3 billion general funds budget has a $3
billion revenue shortfall. [ID:nL1N0YJ1WH]
"I cannot sign a fake budget, a phony budget, an out-of-balance
budget," the governor told reporters in the state capital of
Springfield. "The people of Illinois deserve better."
 Illinois has the worst-funded pensions and lowest credit ratings
among the 50 states. Credit rating agencies have warned Illinois
could sink into the low-investment grade level of triple-B if it
fails to produce a credible budget. The state's general obligation
bonds due in 10 years are trading at a yield 182 basis points over
benchmark triple A-rated debt. That is up from a 151 basis-point
spread at the start of May.
Rauner, who met with legislative leaders earlier on Friday, said
Democrats have until the end of the legislative session at midnight
on Sunday to demonstrate their sincerity to compromise.
Steve Brown, Madigan's spokesman, said the legislature's consensus
on Rauner's reforms has been "thumbs down." Brown added the speaker
will continue to work in a cooperative and professional manner with
the governor and with Republican lawmakers to plug the revenue gap
in the budget.
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Democratic Senate President John Cullerton "restated his commitment
to work with the governor on reforms," according to Rikeesha Phelon,
Cullerton's spokeswoman. She added even though the Senate rejected
the reforms, the two sides can continue to work "on a turnaround
agenda that works for middle-class families."
Rauner repeatedly said he was willing to compromise and that he has
backed away from some items on his turnaround agenda. He declined to
discuss what he hoped to obtain from the Democrats, saying he will
not negotiate through the media. The governor added he will not call
lawmakers back for a special session this summer, but will be
available to meet with them at any time or place.
(Editing by Steve Orlofsky and Matthew Lewis)
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