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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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Scattered rainfall continues to affect portions of the Tri-State and it seems as though it will continue to do so through the remainder of the evening and overnight. After reaching an afternoon high near 80° earlier on, expect temperatures to gradually fall toward 70° by dinnertime before dwindling into the mid 60s by 10 o'clock. Overnight lows will dive all the way back down into the upper 50s by the predawn hours Wednesday; we'll fall to 58° in Evansville. The cold front and associated low responsible for all of our rain chances both today and tonight is expected to stall stall Wednesday, prolonging our isolated rain chances tomorrow, especcially for those of us north and east of Evasnville.
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