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

Real Estate: Three words you should never use when selling a home
Most homebuyers spend lots of time browsing internet listings before they go touring homes, so it’s important for a seller’s listing to be on point.
Although it...

Read more »
Image

Eat an egg for breakfast, prevent a stroke?
Eating an egg a day may help protect against cardiovascular disease, according to a study published online May 21 by the journal Heart.
Researchers found that people who ate...

Read more »
Image

Fauchere chef Brandon Grimila to talk about the farm-to-table movement
— You'll soon have a chance to meet local celebrity chef Brandon Grimila and learn the secret meaning of food in art.
Grimila,...

Read more »
Image

Bill would remove heavy focus on standardized testing
— Legislation that just passed the Pennsylvania House of Representatives would give students greater flexibility in...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST READ

MOST COMMENTED



Weather in Milford, PA