The Illinois Senate quickly voted to override Rauner's veto and now the bill awaits an override vote in the State House. The bill squeaked through the Senate vote, where one Republican joined 35 Democrats to provide the 36 votes required to pass the income tax increase and to override Rauner's veto hours later.

Under the tax portion of the bill, Illinoisans' personal income tax rate would increase from 3.75% to 4.95%, which would generate roughly $4.3 billion. The corporate income tax rate rises from 5.25% to 7% and would bring in an additional $460 million provided that few businesses fled the state due to the tax hike.

The spending bill foresees the state spending a little more than $36 billion, about $4 billion more than it currently takes in from taxes. The plan includes across-the-board cuts of 5% to most government agencies, and a 10% cut for higher education. Rauner said the bill does not reform workers' compensation, lawsuit liability or freeze property taxes, requirements that he has said are among a list of moves necessary to fix the state economy's structural problems.

Still, if Madigan can get 71 state representatives to override Rauner's veto, it will become law. Many state representatives went home for the Independence Day holiday and the Speaker's office has said no vote will happen until at least Thursday. The tax increase bill passed the State house this weekend by 72-45 vote with 15 Republicans joining the Democrats. Lawmakers later voted 81-34 to approve the spending plan. The support of the 15 Republicans who voted to initially pass the bill is not assured at this point.