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

May 23, 2020, 1:33 AM

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 ...

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