Democratic control of the United States Senate had barely seemed apparent at 11 p.m. last night. But Anne Caprera, Gov. JB Pritzker’s Chief of Staff, knew exactly what it meant and tweeted it out: The bailouts are coming.
With the presidency and both houses of Congress now in their control, nothing stands between American taxpayers and the insolvency of Illinois, Chicago and other failing states and cities (assuming Jon Ossoff holds his thin lead in the Georgia senate race).
Lt. Gov. Juliana Stratton promptly concurred. Their tweets are here:
It would be fine if bailout legislation were confined to compensation for lost revenue and costs of the pandemic, provided proper conditions were attached. But bailout efforts will likely go much further. We know that because they already tried last year.
They also will likely authorize the Federal Reserve Bank to throw unknown billions more toward bailouts. They almost succeeded with that last month when extension of the Fed’s lending power to states was initially included in the pandemic relief bill. The effort was thwarted thanks only to one diligent senator, Pat Toomey, who stalled the bill and blocked the effort.
Expect no strings to be attached.