To keep the cash flowing in Pennsylvania, the Commonwealth’s Auditor General opened a $750 million line of credit.
The State Auditor General, Eugene Depasquale, opened the line of credit with the treasury’s short-term investment pool to prevent cash flow problems, stemming from the state’s still incomplete budget.
The budget deadline was June 30th.
Currently, it consists only of a spending plan; the budget passed into law on July 10without the Governor’s signature.
The State Senate passed a revenue package on July 27th, raising $2.2 billion to cover the expenditures of the spending plan, through new taxes and tax rate increases, as well as revenue generated from gambling expansion.
The House has yet to approve the plan.