The state, though, is working fast to rectify the situation. The Illinois Senate overrode Republican Governor Bruce Rauner’s veto of budget bills approved this week by the Democrat-led legislature, moving closer toward an end to the record budget impasses, reports Elizabeth Campbell for Bloomberg.

Related: Muni Bond ETFs Enjoy Strong Fundamentals This Summer

“We passed a bipartisan balanced budget for the first time in a couple of years,’’ Senate President John Cullerton, a Democrat, said on the floor. “I’m certainly disappointed that he vetoed a balanced budget, but I’m glad that we were able to override him.’’

The Senate approved a $36 billion spending plan and package of tax increases that the House already approved. The S&P Global Ratings and Fitch Ratings both said the measures would mark a shift toward reversing the state’s financial situation, but both warned that a downgrade is still possible without a budget in place.

For more information on the munis market, visit our municipal bonds category.