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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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After what was our coldest start today since January 8th, temperatures only climbed as high as 25° in Evansville earlier today, marking our coolest afternoon in just under two weeks. The evening ahead will be equally bone-chilling; after seeing temperatures around 21° at dinnertime we'll tumble back down to 19° by 10 o’clock under gradually decreasing cloud cover. The combination of clear skies and northerly winds will allow temperatures to fall all the way back down to 15° in Evansville early Friday morning. Worse yet, windchill values are expected to dive right back down into the single digits area-wide.
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