Chicago’s plan to pay off COVID-19 debt with federal aid hits a snag
Chicago had planned to use half of its federal relief funds to pay down pandemic debts, but new federal guidance may prevent that. Regardless, without pension reform the city will continue drowning in debt.
Chicago will get nearly $1.9 billion for COVID-19 relief from the American Rescue Plan Act, but the U.S. Treasury Department’s May 10 guidance upends the city’s plan to use half to pay down debt.The state had similar plans for its $8.1 billion .However, top Illinois Democrats are pushing U.S. Treasury Secretary […]
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