Economics
Fed Aid Helps Illinois Cut Unpaid Bills to Lowest in Five Years
- State got $1.2 billion from short-term Fed loan this month
- Backlog fell to as low as $4.8 billion on June 12: Comptroller
Photographer: John Zich/Bloomberg
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Illinois, the first U.S. state to tap into Federal Reserve aid for pandemic-battered governments, has reduced its unpaid bills to the lowest level since 2015.
The backlog shrank to $4.8 billion on June 12, down from $6.9 billion at the start of the month, according to data from Illinois Comptroller Susana Mendoza’s office. The number, which stood at about $5.5 billion on Wednesday, had swelled to more than $8 billion in April after shelter-in-place policies were enacted.