Gov. JB Pritzker Signs $43 Billion State Budget, Including Plan To Borrow $5 Billion From Federal Reserve
Gov. JB Pritzker has signed a $43 billion state budget that relies heavily on a federal loan to make up for tax revenues that have plummeted during the COVID-19 pandemic.
State lawmakers approved the budget plan last month, mostly along party lines, during a special session in Springfield.
“The COVID-19 pandemic highlighted the enormous role government plays in keeping communities safe and providing the tools people need to build better lives,” Pritzker said in a statement on Wednesday. “While the pandemic has had a devastating impact on our state revenues, investing in our people will allow the state to rebound and recover from this pandemic as we safely re-open. I will continue to advocate for a national program to support state and local governments to make up the difference in the revenues that fund vital services like hospitals and salaries for teachers and first responders.”
The spending plan essentially maintains budget levels from last year, but does not count on any increased revenue from a proposal to pass a graduated income tax that will appear on Illinois ballots in November.
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State lawmakers approved the budget plan last month, mostly along party lines, during a special session in Springfield.
“The COVID-19 pandemic highlighted the enormous role government plays in keeping communities safe and providing the tools people need to build better lives,” Pritzker said in a statement on Wednesday. “While the pandemic has had a devastating impact on our state revenues, investing in our people will allow the state to rebound and recover from this pandemic as we safely re-open. I will continue to advocate for a national program to support state and local governments to make up the difference in the revenues that fund vital services like hospitals and salaries for teachers and first responders.”
The spending plan essentially maintains budget levels from last year, but does not count on any increased revenue from a proposal to pass a graduated income tax that will appear on Illinois ballots in November.
Click Here to read more.