(Springfield, IL) — Is Gov. Pat Quinn’s latest plan a cash advance from the federal government, or another multi-billion dollar borrowing plan?
Quinn wants to borrow $2 billion in short-term loans to help pay off the state’s backlog of debt, totaling $9 billion to $10 billion. About half will go toward paying Medicaid vendors before the enhanced federal match rate drops to 50 percent on July 1. The other half will go toward settling debts with group insurance providers.
“The (governor) feels strongly that we should not leave hundreds of millions of dollars in enhanced federal Medicaid match on the table and is working with legislators on a plan to restructure approximately a billion dollars immediately to take advantage of the enhanced rate prior to its expiration,” said Quinn spokeswoman Kelly Kraft.
Illinois Association for Behavioral Health News Blog 