Illinois Lawmakers Face Self-Imposed Deadline Friday on Budget

Today, Friday, May 7th, is supposed to be the last day for Illinois legislators in Springfield, based on a self-imposed deadline. With an eye toward adjournment, the Illinois Senate approved a spending plan in the early morning hours. But there's still no final budget agreement.

Partisan differences over the best way to proceed given Illinois' $13 billion deficit are the main holdup. Whether the GOP will continue to remain opposed to Democrats' plan to borrow money remains uncertain.

Unless one or two House Republicans go along with borrowing ... Illinois will skip putting about $4 billion into the state's already underfunded pension systems.

Another central component of the budget gives the governor flexibility to make cuts, borrow from earmarked state funds, further put off paying state vendors, and institute furloughs.

State Representative Greg Harris, a Chicago Democrat, says there's good reason to give Quinn emergency powers.

"As much as none of us like this, we're in very uncertain times and trying to paddle through uncharted waters," says Harris.

Republicans say the governor has a poor record of managing state finances and argue he can't be trusted with such flexibility.

As the House and Senate look to reconcile on a budget ... a cigarette tax hike, tax amnesty program and possibly allowing video gaming at horse racetracks ... are all options. Whatever the final budget, it's clear legislators won't go through with education cuts that teachers unions say could have led to 20 thousand layoffs at schools statewide.