Illinois will soon have to pay the interest on the $2.2 billion borrowed from the federal government to replenish a depleted Unemployment Insurance Trust Fund. The $250 million interest payment is due in the next 15 months, and is just one in a backlog of unpaid state bills and pension obligations. While the borrowing has leveled off in recent months, and the federal stimulus bill pushed the payment date back to 2012, there is doubt that the state can get through the year without more federal help.
Also in the news…
- The City Council’s Black Caucus has been meeting to determine a consensus candidate for the upcoming mayoral election to avoid fragmenting the city’s African-American vote.
- Income is dropping in Illinois, though it’s going up in other parts of the nation. Income in Illinois has fallen 0.4 percent since the recession’s official end in the summer of 2009, according to USA Today‘s analysis of data from the National Bureau of Economic Research. Nationally, income rose 0.3 percent during the same period, while income in Indiana and Wisconsin rose 0.5 and 0.4 percent respectively.
-Compiled by Louis McGill