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Illinois was the only state to borrow from an emergency fund set up by the Federal Reserve last year to meet state expenses during the height of the pandemic. 

 

And the plan to pay off those borrowed billions was centered around using some of the COVID-19 relief dollars appropriated from Congress. But early on it appears the Federal Government says that’s not allowed. According to Governor JB Pritzker the state remains in close communication with Washington DC to change the interpretation of the law.

 

 

Illinois borrowed about $3 billion from the Federal Reserve’s liquidity fund.

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