pexels nataliya vaitkevich 8927682SPRINGFIELD – State Senator Mattie Hunter (D-Chicago) supported legislation that would direct state money to cover several outstanding debts in order to improve the Illinois’s credit.

“The state has been on a trajectory toward better credit ratings, and I believe this initiative will only continue that trajectory,” Hunter said. “This initiative lessens the state’s debt and upholds our commitment to families and state employees.”

In total, Senate Bill 2803 allocates $2.7 billion to the Unemployment Insurance Trust Fund, with $898 million to pay off old group health insurance bills, $230 million to pay off the College Illinois program, and $300 million in extra pension payments.

Due to an unprecedented increase in Unemployment Insurance benefits paid during the COVID-19 pandemic, the UI trust fund is currently at a $4.5 billion deficit. If the amounts that have been borrowed from the federal government are left unpaid, the state would owe an additional $80 million in interest by this fall.

“COVID-19 hurt us many ways: physically, mentally, and economically,” Hunter said. “Paying off some of our loans now would indefinitely put us in a better financial position moving forward.”

Senate Bill 2083 passed the Senate Thursday.

Category: Press Releases

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