Pennsylvania Treasury Creates $1.5 Billion Credit Line to Sustain State Operations

The McCord Report ^ | September 16, 2014 | Rob McCord

[tired&retired]

A Message from Pennsylvania State Treasurer Rob McCord

Yesterday, the state’s General Fund balance dipped below zero -- the earliest point in a fiscal year this has happened since at least the year 2000. In response and after consulting with the Department of Auditor General, Treasury made a $1.5 billion line of credit available to the commonwealth to cope with what is clearly an alarming structural fiscal imbalance.

Treasury’s line of credit will help the commonwealth avoid high transaction costs typically associated with tax anticipation notes, and it allows the state to draw down on the loan only as needed -- avoiding “negative carry,” or interest payments on the full sum borrowed when that amount is not needed immediately.

[tired&retired]

[Erik Latranyi]

Revenues dropping nationwide.

[tired&retired]

While figures don't lie, liars figure.....

Robert M. "Rob" McCord is the Treasurer of Pennsylvania. A member of the Democratic Party, he was an unsuccessful candidate for the Democratic nomination for Governor of Pennsylvania in the 2014 election.

It's called spin the numbers to stick it to the Republican who beat you!!!

[PGalt]

Socialism Is Legal Plunder - Bastiat

http://www.usdebtclock.org

http://www.usdebtclock.org/state-debt-clocks/state-of-pennsylvania-debt-clock.html

The socialists continue to loot the productive to provide for the takers and fakers.

U.S.A. (United Socialists of America) F.S.A. ALERT!

[Nextrush]

Republican Governor Corbett did not beat Rob McCord, the Democrat candidate for gov Tom Wolf, beat McCord in the primary election back in May.

But this is election year politics from a Democrat who wants to first hurt the Republican governor, then justify tax increases when the Democrat is elected governor.

There are budget problems in this state like two government employee pension systems that are unsustainable with a “Republican” controlled legislature unwilling to reform them.

With a Republican controlled legislature unwilling to reform anything including our antiquated system of liquor distribution through unionized employees in “state stores” and Republican Governor Corbett’s signature on a 28 cent a gallon gas hike plus fee hikes it looks like the Dem will get elected governor in November......

[apoliticalone]

Both Parties talk a good game, but in the end they do very little that impacts average citizens positively. Only elites get their ear and only elites benefit. Corruption rules.

[Daveinyork]

I’m expecting our Democrat Attorney General to come out with a “revelation” of her own to damage the state GOP.

[Bob]

We interrupt the latest verse of the democrats’ singing of “Happy Days Are Here Again” for a brief pause of reality.

[SoothingDave]

But, he didn’t raise gas taxes on us, only on the wholesalers. ;-)

[mythenjoseph]

I read the PDF and as usual the suggestion is another TAX and everything will be hunky-dory...just a 5% tax on the gas and oil being extracted thats all. The cost of this tax would never be passed on by the companies to the end user...never. As usual not one mention of combing over the public employees and agencies to eliminate waste and duplication along with fraud...if they do cuts at all they always focus on things the public sees and affects immediately to create the falsehood that BIG GOVERNMENT is essential. SSDD.

[Buckeye McFrog]

More good news for Tom Corbett. /s

The knucklehead voters in this state will flock to Tom Wolf’s “the shale frackers are not paying their FAIR SHARE” rhetoric even more now.

[tired&retired]

Republican Governor Corbett did not beat Rob McCord, the Democrat candidate for gov Tom Wolf, beat McCord in the primary election back in May.

Thank you for the point of clarification. Yes, you are correct. I meant it in total as in Demonrats vs Republicans and wrote it individually....

[tired&retired]

If I recall correctly, our Gov’s job before he became AG was as in house legal counsel for Waste Management Inc. !!!

[Nextrush]

And the higher prices got passed onto me at the pump.

I watched them increase at the beginning of the year the moment “the wholesale tax” increased.

[Nextrush]

Here in Pennsylvania it is a way of life for both parties.....

[Nextrush]

Its a cheap and sad argument Tom Wolf makes because the Leftist enviros want to ban fracking and Wolf will demonize the industry to suck up their votes, then tax the industry for revenue and not shut it down like the Lefties want.