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Pennsylvania's Reserves Up, Finances Stable, Governor Says

Pennsylvania Treasurer Joe Torsella and Governor Tom Wolf address a crowd about the $22 million deposit in the state's "rainy day fund."

Gov. Tom Wolf and Treasurer Joe Torsella say Pennsylvania state government's improving fiscal stability means it shouldn't need a short-term liquidity loan in the just-started fiscal year.

Wolf and Torsella, both Democrats, spoke at a news conference Thursday as they touted a $22 million deposit into a reserve account as part of a new $32.7 billion state budget plan.

Since the Recession, Pennsylvania has reliably bailed out its deficit-ridden finances by borrowing money during increasingly long stretches when its bank account was particularly low. The state has needed a Treasury Department loan every year for the last five years.

Wolf acknowledged that $22 million is a small amount, but he says it's Pennsylvania's first meaningful deposit into reserves in 11 years.

The Republican-controlled Legislature approved the budget plan last month.

(Photo credit: Governor Tom Wolf/Flickr)

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