© 2022 90.5 WESA
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Pennsylvania Treasurer OKs Short-Term Line Of Credit

joe_torsella_treasurer.jpg
Mel Evans
/
AP
Pennsylvania Treasurer Joe Torsella has approved a short-term $750 million line of credit so that the state's general fund doesn't go into the negative.

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.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.