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Illinois Plans to Pay Off Federal Debt Early

State leaders agree on a plan to pay off $2 billion in federal emergency borrowing following the state’s strong economic rebound.

Posted: May 20, 2021 8:44 PM

Illinois leaders say better than expected revenues will allow the state to pay off $2 billion in emergency pandemic loans.
The state of Illinois borrowed $3.2 billion from the federal government to help it stay afloat financially during the pandemic. About $2 billion of that debt remains outstanding. But Governor JB Pritzker says the state is in good financial shape and will be paying off the outstanding balance.
The governor says several factors made the early payback a possibility. Those factors include the state’s investments in small businesses and childcare providers. The state is also reporting stronger than projected revenues. State leaders say effective cash management by the Illinois Office of Comptroller also played a role in paying down the debt.
“Repaying the federal government is an important step in our efforts to ensure the state remains on sound fiscal footing,” said Gov. JB Pritzker.
The balance of the loan was required to be repaid in three installments by December 2023. Instead, the state intends to pay off the entire debt during the next budget year. The comptroller says the early repayment of the loan will end up saving taxpayers an estimated $100 million in interest costs.

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Temperatures dipped back into the upper 30s and low 40s for many of us early this morning, marking our coldest start to a day in Evansville (where we fell to 41°) in more than a week. Fortunately, the chilly start to the day didn't mean that our afternoon would be a loss, it was anything but - in fact, after seeing temperature around 57° by our lunch hour, afternoon highs crept back into the mid to low 60s area-wide; we hit 63° in the River City - while that's still 2° shy of the norm for October 27th, we'll take a 3° increase over yesterday's high of 60°. The clear skies that allowed temperatures to climb as high as they did earlier on however, are on their way out as our next round of rainfall inches ever closer. The remainder of the evening ahead should remain dry, but isolated rainfall will return to the Tri-State as early as the overnight and predawn hours Thursday.
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