PA-BGT: Wolf Borrows $2 Billion

Tom-Wolf sadAfter releasing $3.3 billion in emergency funding for PA schools, counties and service providers, Gov. Tom Wolf took out a $2 billion line of credit from the state Treasury to ensure none of the checks bounce.

The state was in line to have a negative $922 million bank balance after catching up on 16,400 payments that had not been processed since July 1st, Steve Esack and Scott Kraus of the Morning Call report.

While campaigning in 2014, Wolf ran several ads criticizing then-Gov. Tom Corbett for taking out a $1.5 billion loan to cover, prompting some to question his latest move.

“Governor Tom Wolf needs to come forward and be accountable for his decision,” said Megan Sweeney, communications director for the PA Republican Party. “Whether it’s his taxpayer-funded campaigning during a travel ban or his decision to accept a multi-billion loan from the Treasury, Tom Wolf’s hypocrisy knows no bounds.”

The $2 billion Treasury loan could be the first of many, with Wolf failing at every attempt to implement new taxes, though Treasurer Timothy Reese may be hesitant to continue lending.

“Borrowing to meet operating expenses is not a responsible or sustainable solution,” Reese said.

The budget impasse is now into its 27th week, with no signs of an agreement on the horizon.

12 Responses

  1. Lou – where did you want President Clinton 1 to get his BJ? At the Motel 6?? Come on!! There were/are security concerns ….

    Get ready for President Clinton 2. It’s coming!!!

  2. The democrack will believe anything about wolf except that he followed the philly teachers union recommendation to veto the proposed budget…wolf and the teachers don’t care about kids…never have they…

  3. Thank you Governor Wolf and the PA Senate for standing up for common sense. We have separation of powers in the United States and in the Commonwealth. That means everyone has to negotiate. That means the Mike Turzai and the Republicans in the House don’t get to write their own budget.

  4. Wolf again the only adult in the room. G.O.P. would prefer the state to default, and schools and social service agencies to shut down. Keep up the good fight, Governor Wolf!

  5. Wolf is a disgrace. He needs to resign now. He can’t get it through his thick skull that Pennsylvanians do not want to buy what he’s selling–specifically inflation-busting tax increases.It’s most unfortunate that PA does not have a recall mechanism in place; if the state did have one, the BIG BAD WOLF would be on his way out. Give it up, GUV! Resign ASAP!

  • Who Will Be Speaker of the PA House on February 28?

    • Joanna McClinton (68%)
    • Mark Rozzi (27%)
    • A Republican TBD (5%)

    Total Voters: 315

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