Debt Spiral: Illinois owes $1 billion on borrowing from last year, Pritzker plans to borrow billions more next week
This is driven in large measure by overly generous pay and benefits for government employees, and it is happening DESPITE the recent bailout by the U.S. Fed.
(From The Center Square)
Recent projections have the state budget that ends this summer around $4 billion out of balance.
“I don’t find it very satisfying that we borrowed money against revenue that was delayed and then we didn’t use that revenue to pay back the money that we borrowed,” Caulkins said. “Now we’re going to be trying to pay back another billion dollars, plus the $2 billion, on top of money that we don’t have somehow.”
This article was originally posted here: https://www.ac2news.com/2020/12/debt-spiral-illinois-owes-1-billion-on-borrowing-from-last-year-pritzker-plans-to-borrow-billions-more-next-week/.
