Illinois has abandoned hopes of affordably raising $1.2 billion from the bond market and has turned, instead, to a new Federal Reserve lending facility known as the Municipal Liquidity Facility. Illinois will be the first state to tap the Fed, which is meant to be a lender of last resort.
Numbers, budgets, charts and graphs about government finances. That’s what we do here. We try to understand where public money should be spent and what it accomplishes.Through that lens, it’s difficult to know where to begin on what has befallen the Chicago area and most of the country.
"You've got one million Illinoisans unemployed, nobody knows what's happening with the economy, we're only now starting to open up. And yet the government passed a record spending budget – the biggest ever – with no cuts, no furloughs, no kind of savings whatsoever to give relief to Illinoisans that have to pay for that government."