Illinois is the Only State to Borrow Money from the Fed

by Mike ‘Mish’ Shedlock
The Street

The Fed has a Municipal Liquidity Fund (MLF). Illinois has tapped it twice.

Fed is Lender of Last Resort for Illinois

Wirepoints reports Illinois set to borrow from Fed’s “lender of last resort” facility a second time

Illinois is set to borrow several billion from the Federal Reserve’s Municipal Liquidity Fund (MLF) for a second time if a new U.S. stimulus package and a progressive tax hike scheme for Illinois don’t come through, according to comments from Illinois Gov. J.B. Pritzker.

Illinois already borrowed $1.2 billion from the MLF earlier this year in an attempt to close some of the state’s 2020 budget shortfall.

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