Deficits

Illinois closed Thursday on its second MLF borrowing as the program nears its expiration date.

Illinois expects to close by the end of the week on a three-year loan through the Federal Reserve at 3.42%, a steep penalty compared to the state's current trading levels.

Stephen DeGroat, Rockland County commissioner of finance, explains how the large suburban municipality north of New York City turned budget deficits into surpluses through deficit financing, staff reductions and closing a county-run hospital. Andrew Coen hosts. (14 minutes)

New revenue from a graduated tax without an accompanying long-term plan to tackle the state's fiscal woes won't solve them, the Civic Committee of the Commercial Club of Chicago warns.

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.

Brown convened the special session for budget talks, but also anticipated talk on policy items, like police reform.

More will be clear once the state gets a full tally of receipts from the July 15 tax deadline, but a rocky road lies ahead in any case.

Gov. Phil Murphy’s $5 billion emergency bond plan to patch revenue gaps caused by the COVID-19 pandemic faces an uncertain future in the state legislature.

California may need to use interfund borrowing to get its budget into balance, Gavin Newsom said.

William Glasgall of the Volcker Alliance explores deficits, budget cuts, rainy-day funds and borrowing options amid the COVID-19 pandemic. Paul Burton hosts.

Phil Murphy is developing an emergency borrowing plan to combat revenue loss amid the coronavirus pandemic.

A successful closing on the unrated deal was needed to make payments on short-term notes due on Dec. 31.

Illinois Gov. J.B. Pritzker's administration says the forecast shows that Illinois needs to change its income tax structure.

Mayor Karen Freeman-Wilson said the city is forging ahead with the transaction to raise money to help pay its bills.

The U.S. Treasury Department announced plans to maintain record debt sales.

Poor returns piled another $2 billion onto Chicago's pension tab, but it won't add to the already $280 million contribution spike looming next year, according to its new CAFR.

Karen Freeman-Wilson says without the bond deal to leverage the city's public safety building, Gary will end the fiscal year $42.5 million in the red.

The mayor took the oath of office Monday and faces decisions soon about how to handle unfunded pension liabilities along with rising debt service and labor costs.

The federation endorsed the plan only after Gov. J.B. Pritzker dropped plans for a partial pension funding holiday.

While American politicians on both sides of the aisle have been mostly silent as the U.S. deficit swells toward $1 trillion and beyond, former Federal Reserve Chairman Alan Greenspan says the lack of attention won’t last.