Billionaire Pritzker wins Illinois Democratic governor's primary

CHICAGO — Billionaire J.B. Pritzker has won the Illinois Democratic primary for governor for Illinois.

Pritzker, 53, a venture capitalist and an heir to the Hyatt Hotel fortune who Forbes estimates has a net worth of $3.5 billion, has already staked his campaign nearly $70 million.

Gov. Bruce Rauner, meanwhile, has poured $50 million into his own re-election bid. 

The incumbent held a slight lead in the Republican primary over state Rep. Jeanne Ives, a conservative lawmaker who has pilloried Rauner as ineffective during his time leading the state. Ives raised only about $4 million for her race, but has stayed competitive

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Pritzker beat out a field of six Democrats, including developer Chris Kennedy, state Sen. Daniel Biss, educator Bob Daiber, anti-violence activist Tio Hardiman and physician Robert Marshall. With votes counted in 7,356 of 10,119 precincts statewide, Pritzker had 46% of the vote, Biss 26% Kennedy 24%. Daiber, Hardiman and Marshall each had less than 2% of the vote.

Democrats nationally are hoping they can surf a wave of growing voter fatigue with President Trump and cut into Republican strangleholds of governors’ seats as well as chip into GOP majorities in the U.S. Senate and House.

During the Democratic gubernatorial primary, the establishment and more liberal wings had a contentious debate about how having a self-funded, mega-wealthy candidate at the top of the Illinois Democratic Party ticket meshes with the party’s larger effort to appeal to middle-class voters.

Kennedy was particularly critical of Pritzker, accusing him of using his wealth to blot out the message of his competitors. But on Tuesday as he conceded the race, he called on Democrats to rally around the nominee.

“The voters of Illinois have spoken and now me must follow their lead and give Mr. Pritzker the support that he has earned,” Kennedy said.

Rauner billed himself as a political outsider in his successful 2014 run for governor.

The former private equity executive centered his 2014 campaign on promising to turn around Illinois, which had been mired by a lagging economy, ballooning public worker pension debt and a dwindling population.

But as he seeks re-election, Rauner’s term has been marked by gridlock, and he has made little progress is stemming the state’s financial crisis.

The state was without a budget for more than two years before state lawmakers in July managed to override Rauner’s veto of a budget plan that included a 30% tax hike.

Ahead of the passage of the budget, Moody’s Investors Service and SP Global ratings downgraded Illinois’ bond rating to one step above junk, the lowest ranking on record for a state. The exodus of Illinois residents continues — the state lost about 33,000 residents last year, marking the fourth consecutive year of population decline.

Follow Aamer Madhani on Twitter: @AamerIsmad

 

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