Pennsylvania state treasurer OKs short-term line of credit
HARRISBURG — Pennsylvania’s state treasurer has authorized a short-term $750 million line of credit to keep the state’s general fund from dipping into negative territory.
Treasurer Joe Torsella says the state hasn’t had to borrow that much so early in the fiscal year in 25 years.
Torsella, a Democrat who took office in January, is urging legislators to “pass a responsible revenue package.”
The Senate passed a revenue package to patch a $2.2 billion hole in the state’s $32 billion budget for the fiscal year that began July 1. The plan involves a mix of a mix of borrowing and higher taxes.
It could face opposition in the House of Representatives before it reaches the desk of Democratic Gov. Tom Wolf, who supported it.
The two-week line of credit is from Aug. 14 to Aug. 28.