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Gov. JB Pritzker might borrow from federal reserve a second time

Gov JB Pritzker Jackson Co Health Dept web

(WSIL) -- According to Chicago Business, Illinois is the only state to borrow from the Federal Reserve and might have to borrow again to close its $4.1 billion deficit, if there's no federal aid.

Although Pritzker is hopeful that stimulus will pass and voters will approve his fair tax act, he's ready to use the Fed's Municipal Liquidity Facility.

But that could also bring in budget cuts, which SIU policy expert John Jackson says could be a blow for Illinoisans.

"The cuts would have to be so widespread. It would have to be serious enough that services that people depend on everyday will be impacted. For example, here at SIU will take a serious budget cut," he said.

If the fair tax is approved, the graduated income tax would bring in about $1.2 billion for fiscal 2021.

Maya Skinner

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