Illinois state lawmakers are hitting the breaks on a proposal to spend half a million dollars for a statue honoring former U.S. House Speaker Dennis Hastert after the Justice Department indicted the Illinois Republican on multiple charges Thursday.
About a month before the DOJ announced the indictment against Hastert,
Illinois House Speaker Michael Madigan introduced a bill to allocate $500,000 from the Illinois Development Fund for a statue of Hastert, who represented Illinois’ 14th Congressional for 20 years after serving as a state representative.
However, Madigan’s spokesperson, Steve Brown, said Hastert contacted lawmakers asked that they defer the proposal because of the state’s financial condition. Illinois currently is running a $9 billion deficit. Still, the bill, which passed through a house committee, was placed on the calendar for a third reading on May 18.
In the indictment released Thursday evening, federal investigators allege that Hastert paid $3.5 million in hush money to “cover up misconduct.” The money allegedly went to someone in Yorkville, Ill., where he previously coached high school wrestling. The seven-page indictment also accused him of lying to the FBI.
Following the announcement, Hastert reportedly resigned from his current position at Washington, D.C., law firm Dickstein Shapiro, as well as a board member at CME Group, according to Reuters.
The stark and growing divide between urban/suburban and rural districts was one big story in this year’s election results, with Democrats gaining seats in the House as a result of their success in suburban areas. The GOP tax law may have helped drive that trend, Yahoo Finance’s Brian Cheung notes.
The new tax law capped the amount of state and local tax deductions Americans can claim in their federal filings at $10,000. Congressional seats for nine of the top 25 districts where residents claim those SALT deductions were held by Republicans heading into Election Day. Six of the nine flipped to the Democrats in last week’s midterms.
Ten companies, including nine pharmaceutical giants, accounted for half of the health care industry's $50 billion in worldwide profits in the third quarter of 2018, according to an analysis by Axios’s Bob Herman. Drug companies generated 23 percent of the industry’s $636 billion in revenue — and 63 percent of the total profits. “Americans spend a lot more money on hospital and physician care than prescription drugs, but pharmaceutical companies pocket a lot more than other parts of the industry,” Herman writes.
Federal, state and local governments spent about $441 billion on infrastructure in 2017, with the money going toward highways, mass transit and rail, aviation, water transportation, water resources and water utilities. Measured as a percentage of GDP, total spending is a bit lower than it was 50 years ago. For more details, see this new report from the Congressional Budget Office.
The GOP tax cuts have provided a significant earnings boost for the big U.S. banks so far this year. Changes in the tax code “saved the nation’s six biggest banks $3.3 billion in the third quarter alone,” according to a Bloomberg report Thursday. The data is drawn from earnings reports from Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.