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Illinois is hours away from missing its budget deadline, possibly sending the state into a third straight year without a spending plan. Though the fiscal year begins July 1, Illinois lawmakers hoped to vote on a budget deal by today because a three-fifths majority will be required to pass any legislation after May 31. The state’s budget crisis has left Illinois with a record $14.5 billion in unpaid bills and universities and social services severely underfunded. (Bloomberg)

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