JB Pritzker and Illinois Dems thought the Fed was giving out free money they could pay back with ‘Biden bucks’ but the Treasury just said “No”. It looks like Pritzker and those Democrats in Springfield were working hard to make the lives of their citizens ‘better’ once again! And by ‘better’ of course we mean way… way worse and by ‘trying’ we mean bumbling incompetently…
According to The Herald&Review, the State of Illinois will now have to cough up $2 Billion to repay debt on their “emergency coronavirus loans” from the US Federal Reserve. They’ve had to abandon their plans to use Federal COVID-19 relief money, state officials have said.
The Biden-Harris Treasury Just Stomped On Them
The Illinois ruling Democrats were counting on paying off the loans from the Fed with part of the $8.1 Billion allocated to the State from the American Rescue Plan, but the U.S. Treasury under Secretary Janet Yellen threw a wrench in the works, they forbid states to use the funds to pay off any debt… ouch. Even worse: Illinois was the ONLY state to take the loan offered by the Federal Reserve.
Now Gov. Pritzker and the legislature are getting set to close the $42 Billion hole in the state budget on the backs of Illinois businesses over the objections of the GOP minority. The Herald&Review wrote,
“Pritzker’s plan calls for raising another $932 billion by closing what he describes as “corporate loopholes,” an approach that has not been fully embraced by the supermajority Democrats and is opposed outright by Republicans.”
And that’s in spite of already having the highest tax burden in the US according to the Chicago Tribune who wrote the state motto should change from “State Sovereignty, National Union.” to : “Fiscal Wreckage, State and Local.”
Now Democrats in Springfield have a new problem: How they’re going to blow through $8.1 Billion of YOUR tax dollars, now that Biden’s Treasury has forbidden them from using the money to clean up their mess. After all, its’ far more convenient for them to lay the bill on the taxpaying businesses of the Land of Lincoln, all the while complaining “Why aren’t you hiring?” and imposing more and more costs on them due to COVID19.
All the while, Illinois Democrats are working on redistricting and gerrymandering their state to ensure their grip on power for another generation.
— Dan McConchie (@DanMcConchie) May 12, 2021