(WMAY) — Illinois lawmakers may look at massive borrowing instead of deep cuts to the state budget as they wrestle with dramatic declines in revenue because of the coronavirus pandemic.
WMAY reports one idea under consideration is to borrow as much as $4.5 billion from the Federal Reserve under a program designed to assist state and local governments.
The objective would be to pay the money back with funds from anticipated future federal assistance programs, but it’s not known when… or if… such additional funding will be approved.
