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Pennsylvania state treasurer OKs short-term line of credit

The Associated Press

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.

FILE - This Wednesday, Oct. 7, 2015, file photo shows the Pennsylvania Capitol building in Harrisburg. (AP Photo/Matt Rourke)

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.