Governor JB Pritzker says the state will be borrowing $2 billion from the Federal Government to help offset revenue losses during the pandemic.
With the loss of jobs and hits to tourism, hospitality, and retail, the coronavirus has taken a big chunk out of state tax revenues, to the tune of $5 billion.
And with no stimulus package to help states with COVID costs yet, the Governor says Illinois needs help and will borrow $2.5 billion available to the state.
“Our goal with this short term borrowing is to continue to manage our backlog responsibly and fight to rebuild jobs and the economy in the coming year.”
Pritzker says he’s hopeful President-elect Biden and Congress will come together to provide relief to state and local governments and that the economy will recover once a vaccine is widely available.
Pritzker says at this point he is not looking at a tax increase in the fall veto session.
“I think I’ve been pretty transparent with where we are right now which is we are going to have to start with looking at cuts to the state government and I think to get where we need to go some of those cuts are going to have to be relatively painful.”
Pritzker says he has reached out to leadership on both sides of the aisle for ideas on where cuts can be made.
