HARRISBURG, Pa. (AP) – Pennsylvania state government has repaid a short-term $750 million line of credit that kept its main bank account from hitting zero this month.
Treasurer Joe Torsella’s office said Wednesday that state government repaid it after drawing the full amount. He says the state hasn’t had to borrow that much so early in the fiscal year in 25 years as lawmakers struggle to plug a $2.2 billion hole nearly two months into the fiscal year.
Some state officials warn that, without another loan or an emergency revenue package, Wolf’s administration must start postponing payment on bills or freezing programs.
Democratic Gov. Tom Wolf supports a revenue plan that passed the Republican-controlled Senate last month. It relies heavily on borrowing, taxing consumers’ utility bills and expanding casino gambling.
House Republicans oppose it.