chicago democratic plan end illinois cripple two-year budget stalemate poise enact state house representatives thursday nearly 2,000-page package leave gap financial hole unresolved fiscal 2018 budget plan draw democratic republican support legislature guarantee fund public school open time next month plan identify enough fund pay roughly third state record 15 billion unpaid bill backlog addition substantial progress make reduce illinois paralyze 130 billion unfunded pension liability state pension contribution set consume 7.8 billion state 36 billion budget fiscal year begin july 1. illinois thursday could end dubious status state ever go multiple years without full operate budget democratic-led legislative chamber overturn veto republican governor bruce rauner one bill increase state personal income tax 3.75 percent 4.95 percent corporate income tax 5.25 percent percent moody investors service issue warn wednesday even house follow identical senate action monday override rauner veto nation fifth-largest state risk credit rat downgrade junk unaddressed fiscal woes moody say budget plan fall short adequately address pension backlog unpaid bill clear quickly find comparable backlog long-term bond debt say moody analyst ted hampton laurence msall president civic federation chicago-based government finance watchdog say bill provide stability rat agencies point even tax increase general assembly override governor spend plan approve state still severe financial challenge go forward say drafters budget package insert language tie release billions dollars k-12 education enactment school-funding overhaul rauner call bailout chicago cash-strapped school system house senate pass fund revamp rauner threaten veto republicans democrats reconcile differences first state payment go school august dozen financially struggle public school systems might open class next month say roger eddy executive director illinois association school board talk children go affect stalemate point absolutely exaggeration real go happen eddy tell reuters budget impasse also result halt construction project illinois suspend sales powerball mega millions ticket another key area—the state 14.7 billion backlog unpaid bills—the plan authorize billion general obligation bond well 1.5 billion borrow transfer state fund purpose sufficient money exist support billion billion authorize bond turn would generate billion federal match medicaid dollars unpaid bill budget also purport save 500 million pension change although slim detail save would realize pension reform legislation look like really revolutionary move needle big way hampton say story correct fourth paragraph indicate house undertake veto override vote possible illinois budget fix pose big financial question