Illinois Lottery suspends Powerball, Mega Millions amid budget crisis

MADISON, IL_  The ongoing budget battle in Illinois has led to the suspension of two big lottery games. Powerball ticket sales in Illinois will end after Wednesday night's (June 26) drawing. Mega Millions sales will stop Friday night (June 30).

Smaller drawings will continue, but anyone who wins more than $25,000 will have their prize payments delayed.

The state lottery requires a payment from the legislature each year. Without a budget, the state lottery does not have authorization to pay out winners.

Illinois currently faces $130 billion in unfunded pension payments and $15 billion in unpaid bills.

The state is at risk of having its credit rating downgraded to 'junk' status which would increase the cost of borrowing and refinancing existing debt.

House Speaker Mike Madigan submitted his long awaited proposal Tuesday (June 27) without offering specifics on how to pay for $36.4 billion in spending. Republicans and Governor Bruce Rauner claim it's impossible to tell if Madigan's proposal is balanced.

Lawmakers are now in a special session. They have until Friday to strike an agreement before Illinois enters a third-straight year without a budget.