The State Senator of Illinois, Don Harmon, requested the Congress for a $40 billion aid fund, alluding to the economic burden posed by the coronavirus pandemic. Harmon sent the deposition to Congress this week, mentioning that “asked for a lot, but this is an unprecedented situation.”
Harmon addressed the expected loss of ~$14.1 billion in revenue owing to the pandemic to the state’s Congressional delegation, reported The Center Square. “This loss would deplete approximately one-third of Illinois’ general funds in one fiscal year, significantly impacting state services and long-term obligations,” he wrote in the letter, laying the preliminary groundwork for his requisition of the significant fund requisition.
An assessment reported that the state’s largest request was a generic $15 billion grant to address the unbalanced budget, followed by a $10 billion request for the state’s notoriously expensive public pension system.
The report includes $9.6 billion for individual municipalities, $1 billion for areas disproportionately affected by the coronavirus, and an added $6 billion for unemployment insurance trusts reported by news agencies.
While Illinois’ anticipated budget deficit is in line with the National Governors Association’s projection, the addition of the multiple factors into the federal bailout plea blows the request significantly out of proportion.