Lawmakers eying $41 billion budget with $5 billion in borrowing

House and Senate adjourn, will continue their work on Saturday

PETER HANCOCK Capitol News Illinois
Posted 5/23/20

SPRINGFIELD – Illinois lawmakers worked into the evening Friday and will return Saturday in hopes of passing a budget for the upcoming fiscal year.

Sen. Andy Manar, D-Bunker Hill, one of the Senate’s lead budget negotiators, said the package will look similar to the current year’s budget of a little more than $41 billion, although it will rely on borrowing up to $5 billion from the Federal Reserve to make up for a sharp loss in revenue caused by the COVID-19 pandemic.

The plan is to pay that money back with federal aid to states that lawmakers expect Congress to approve soon.

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