CTA Relief Coming? Insiders Say Madigan Close To Passing Transit Bill
CHICAGO (WBBM) -- Illinois lawmakers are scheduled to take another stab at heading off doomsday fare hikes and service cuts this weekend at the CTA and other transit agencies.
WBBM Political Editor Craig Dellimore looks at the chances for success:
Despite some misgivings among House Republicans, the betting among insiders on both sides of the political aisle is that House Speaker Michael Madigan can win passage of a transit bill that contains a quarter of a percent hike in the regional sales tax.
That’s something Governor Rod Blagojevich has vowed to veto, but anything that passes at this point—by definition—would have a veto-proof majority.
So, the question remains, could that bill pass the Senate. Senate President Emil Jones is no fan of hiking the sales tax. He feels it’s regressive. He thinks an income tax hike would be less onerous on the poor.
Still, it’s unclear if he’d block a vote on legislation that’s popular with many of his members. The next hurdle would be overriding as Blagojevich veto, which is no sure thing if the Governor puts on the pressure.
And it’s almost impossible for all of this to transpire before Sunday’s Doomsday deadline. So, it will be up to CTA officials to decide whether to hold off pulling the trigger.
Bill O'Neil, Chairman and Founder of Investor's Business Daily and Investors.com joins Kris and Sherman during the WBBM Noon Business Hour to discuss the technical side of financial markets.
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