By Kevin Bessler, includes “… Adam Levin, from Pew Charitable Trusts, said Illinois is hoping to borrow billions from the Federal Reserve’s new Municipal Liquidity Facility … But short-term notes are not a budget solution and require sufficient future revenue to borrow against. Levin said balancing state budgets will require long-term solutions such as spending cuts, tax increases, or dipping into rainy day funds. Illinois can’t dip into its rainy day fund because the fund is nearly empty. …”