Cash-poor Pennsylvania gets $1.8B loan to pay bills on time


Make text smaller Make text larger



Photos





(AP) The cash-strapped Pennsylvania state government is getting another loan to pay its bills on time.

Pennsylvania state Treasurer Joe Torsella said Oct. 27 he's authorizing a $1.8 billion credit line that must be paid back by April 2.

It comes as Democratic Gov. Tom Wolf and state lawmakers are patching up a deficit, primarily by borrowing, tapping off-budget programs and expanding casino gambling.

Since the recession, the Treasury Department has reliably bailed out Pennsylvania's deficit-ridden finances when tax collections are slow. Torsella, a Democrat, extended two smaller credit lines this year.

Hours earlier, Wolf signed legislation directing about $650 million to Penn State, Pitt, Temple, Lincoln and the University of Pennsylvania's veterinary school. The aid had been promised, but held up by the House in a budget stalemate until this week.



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Girls Run the World
More than 900 people turned out for Girls World Expo Sunday October 20th at the Palacio Catering Center in Goshen. Activities for girls 11-18 included archery and self-defense...
Read more »
Image

Dispositions in Pike County Court
Pike County District Attorney Raymond J. Tonkin announced that the following criminal sentences were issued on Oct. 18 by Pike County Court of Common Pleas President Judge Gregory...
Read more »
Image

Gov. Wolf signs Timothy J. Piazza Antihazing Law
Governor Tom Wolf on Oct. 19 signed the Timothy J. Piazza Antihazing Law, which strengthens penalties for hazing and ensures that schools have safeguards to protect students.
Read more »
Image

Keep your pets safe this Halloween
Veterinarians are warning pet owners about the potential dangers looming during Halloween season.
The most common health hazard is the ingestion of candy. Candy containing...

Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Weather in Milford, PA