Illinois Lawmakers Approve $5B Bonding Plan to Tap Fed Facility

Illinois lawmakers approved a measure giving Governor J.B. Pritzker the authority to borrow up to $5 billion through the Federal Reserve’s municipal lending facility.

• The bill passed the state’s House and Senate on Friday with primarily Democratic votes
• Lawmakers plan to reconvene on Saturday and are poised to enact an approximately $41 billion budget for the fiscal year that starts July 1, which addresses the state’s projected deficit of as much $7.4 billion with modest spending cuts and borrowing from the Fed
• Speaking to reporters earlier Friday, Pritzker said he wasn’t concerned that any budget passed by the Assembly would ...