Monday, July 17, 2017

Pennsylvania may not be able to pay its bills within weeks

Dave Davies reports  for newsworks:

Pennsylvania Treasurer Joe Torsella is warning that state might be unable to pay all its bills in a matter of weeks if the budget standoff in Harrisburg isn't resolved.
The Legislature has approved $32 billion in spending, but lawmakers and the governor haven't agreed on a revenue package to fund it.
Torsella has written lawmakers saying the state's general fund — in effect, its checking account — has been running lower balances as the state's financial position has weakened.
Torsella said without a realistic revenue package to support the planned spending, the fund will be in the red in eight of the next 12 months.
And, he said in an interview, the trouble will begin soon.
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