General Fund exhausts Treasury’s $750 million loan

General Fund exhausts Treasury’s $750 million loan

State Treasurer Joe Torsella announced Wednesday afternoon that the General Fund—the state’s so-called largest checkbook—has exhausted a $750 million loan Treasury issued earlier this month from its Short Term Investment Pool to keep the fund above a zero balance.

 

The loan, which was released in full on Tuesday, must be paid back by next Wednesday.

Wednesday, August 16, 2017/Author: Jason Gottesman
Categories: News and Views
Noting potential credit downgrade, Gov. Wolf urges House to finish balancing the state budget

Noting potential credit downgrade, Gov. Wolf urges House to finish balancing the state budget

Gov. Tom Wolf Monday urged House Republicans to return to voting session as soon as possible to finish up balancing the state budget before the Commonwealth faces another credit downgrade.

 

“They know they’ve got to get to work and we’ve got to get the job done. I think House Republicans are aware of that, I know they are aware of that,” he said. “Standard and Poor’s is threatening a downgrade and I’m trying to hold them off, but they’re looking at what goes on here and, basically, House Republicans need to get back here and get this over the finish line.”

Monday, August 14, 2017/Author: Jason Gottesman
Categories: News and Views
Reed: “I don’t think it’s any secret that we’re not supportive of the revenue package the Senate passed over”

Reed: “I don’t think it’s any secret that we’re not supportive of the revenue package the Senate passed over”

House Majority Leader Dave Reed (R-Indiana) addressed the Senate-passed revenue plan Thursday afternoon, panning large swaths of the proposal, but pledging to bring a new proposal to the table as soon as consensus in the House is achieved on a plan.

Thursday, August 10, 2017/Author: Jason Gottesman
Categories: News and Views
Lawmakers introduce bills aimed at ending budget impasses

Lawmakers introduce bills aimed at ending budget impasses

Once again mired in a budget-related standoff, legislators have started to form bills and co-sponsorship memos to address how the General Assembly should act when such impasses occur. 

Monday, August 7, 2017/Author: Kyle Maguire
Categories: News and Views
With budget revenue agreement languishing, Treasury loans $750 million to General Fund

With budget revenue agreement languishing, Treasury loans $750 million to General Fund

State Treasurer Joe Torsella and Auditor General Eugene DePasquale announced Thursday that a $750 million loan has been authorized by the state Treasury to the General Fund to keep the so-called largest of the state’s checkbooks from reaching a zero balance.

Thursday, August 3, 2017/Author: Jason Gottesman
Categories: News and Views
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