Illinois currently ranks 41st in the nation for lowest unemployment rate
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Capitol Fax com - Your Illinois News Radar » Initial unemployment claims down nationally and in Illinois, while state unemployment rate remained at 7 1 percent in April
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Illinois wants to use federal windfall to reduce debt, bills
Illinois wants to use federal windfall to reduce debt, bills
The state’s unpaid bills stand at about $5.74 billion.
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(Bloomberg Illinois, the U.S. state with the worst credit rating, wants to use some of its $7.5 billion of federal aid from the American Rescue Plan to chip away at unpaid bills and short-term debt racked up during the pandemic, according to Deputy Governor Dan Hynes.
The state’s unpaid bills stand at about $5.74 billion, and Illinois still has to pay back about $3 billion of the $3.2 billion it borrowed last year from the Federal Reserve’s Municipal Liquidity Facility. Governor J.B. Pritzker’s administration has “basic principles” for paying down some loans and bills but is awaiting specific federal rules and restrictions attached to the aid, Hynes said during a state senate appropriations committee hearing on Tuesday.