Monday, September 27, 2010

State could face $250 million interest payment

By Kurt Erickson

Illinois’ nightmarish budget situation could get even scarier in the not-too-distant future.

Amid the huge backlog of bills and unpaid pension obligations, Illinois also has borrowed more than $2.2 billion from the federal government to pay out unemployment benefits to laid-off workers.

And now, the bill for that borrowing — an estimated $250 million in interest — is about to come due, according to information compiled as part of a joint project of Illinois Issues magazine and Lee Enterprises’ Springfield bureau.

Read the full article.

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