Monday, January 4, 2016

S&P report on PA Budget

By Kevin Flowers  814-870-1693 Erie Times-News December 31, 2015 05:55 AM

Standard & Poor's Rating Services has weighed in on Pennsylvania's $30.3 billion state budget package, which was partially rejected by Gov. Tom Wolf on Tuesday.  The company, which rates the credit of governments and municipalities, does not like what it sees.  In a news release issued late Tuesday, Standard & Poor's called the budget plan passed by state legislators "structurally unbalanced" and said that it does not include needed pension reforms.  "As proposed, the budget had a $500 million budget gap for fiscal 2016 and left a $2 billion budget gap for fiscal 2017," according to the company's release.

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