PA S&P rating drops amid budget issues

22 September, 2017, 00:48 | Author: Garry Little
  • Pa. Senate to Take Up House Revenue Proposal For Budget

House Republicans-who have held out alone against plans that would raise taxes-pushed back, calling S&P analysts "a small group of unknown people" who are making their rating decision based on "interviews with a governor and press releases from the state's fiscal officers". And they are seeking $225 million from an expansion of casino gambling. "I have said repeatedly for three years that we must responsibly fund the budget with recurring revenues", he said.

"We must reach an immediate resolution to the budget and today's news should be a wake-up call to come together and end this now".

Governor Tom Wolf has warned about it for months...and now, Standard and Poor's has downgraded Pennsylvania's credit as the state's budget remains unbalanced. "We would be using a significant amount of one-time funds to balance a 2.2 billion dollar hole".

The plan, which was approved by the House last week, would have taken money from various reserve accounts in order to close a projected $2.2 billion budget gap. Their letter said further borrowing "creates an economic "moral hazard" that effectively increases the long-term risks to the commonwealth's finances" and that they were therefore "disinclined to support additional lending" to the state's General Fund.

India vs Australia 2nd ODI: Twitterati congratulate Virat Kohli for brilliant innings
Kedar Jadhav walked out at No. 5 again and added a brisk partnership with Kohli even as players continued to struggle in the heat. The ball turns away a bit, takes the outside edge and Dhoni behind the stumps doesn't make any mistake.

If the General Assembly had enacted the modest personal income tax increase Governor Wolf proposed in February 2017, not only would the budget be balanced this year, but there would be nearly no carryover deficit from last year.

The credit rating agency Standard and Poor's lowered its rating on Wednesday to an "A+'". But, in July, House Republican leaders pulled out of negotiations over a revenue bill, and serious talks have yet to restart. "In light of the downgrade, we believe it would be beneficial for quick agreement and concurrence in special fund transfers to help the treasurer expedite cash flow while we work on the remainder of the budget-related bills". In statements, they said the legislature should compromise soon on a budget with stable funding.

House Republicans, however, pushed back on that concept and instead passed a revenue plan that relies heavily on what they call the $1 billion "sale" of a state "asset". Neither has a say in approving the state budget.

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