Progress Illinois

Fed To Back Billions In Mortgage Losses
The Federal Reserve announced today that it will buy up to $500 billion in various mortgage-backed assets and another $100 billion worth of direct obligations from Fannie Mae and Freddie Mac in an attempt to shore up the nation's financial crisis. The Fed is also set to announce a new program later today aimed at unfreezing the market that backs consumer debt such as credit cards, auto loans and student loans.

Blagojevich Phones It In To Durbin
After waiting 10 days, Sen. Dick Durbin finally talked to Gov. Rod Blagojevich yesterday about whom he'd like to see fill President-elect Barack Obama's now vacant U.S. Senate seat.  In a talk radio interview, Illinois' senior senator said he sent this message to the governor: “Don’t send someone there who’s not going to run in two years ... [S]end us somebody who’s ready to hit the ground running, do a good job in the Senate, run for election in two years.” Meanwhile, Blagojevich joked that he'll dole the appointment out as a Christmas gift.

Casino License Up For Debate
The Illinois Gaming Board will today review the proposals from three bidders -- the towns of Des Plaines, Rosemont, and Waukegan -- who are vying for the state's 10th casino license. Officials have said the winner will be chosen by the end of the year.

State Parks, Historic Sites May Face Closures
Just days after Blagojevich signed off on a fund-sweeps bill that restored hundreds of millions of dollars to restore socials services and keep state parks open, the future of some related jobs remains uncertain. Given the $2 billion dollar deficit and a worsening economic climate, it's unclear whether there's enough capital to keep seven parks and 13 historic sites open.

Trash Backup On The Horizon?
Illinois dumps, on average, have enough capacity to take in trash for the 18 years, according to state environmental officials. But landfill space varies from region to region and a shortfall in the Chicago-metro area could result in a trash backup by the year 2015.

Image used under a Creative Commons license by Flickr user jpmatth.