Post by Logan on Mar 26, 2016 4:11:18 GMT -6
Budget agreement doesn't solve Pa.'s problems, credit agency says
It's nice that Pennsylvania now has a 2015-16 budget — but that doesn't really address the problems of the state's structural budget deficit or its pension crisis, a credit rating agency said Thursday.
What's more, Moody's predicts that Pennsylvania is heading toward another budget stalemate as it heads toward the next fiscal year, reports The Associated Press. The new fiscal year begins July 1.
Moody's applauded the fact that Democratic Gov. Tom Wolf said he will not veto a Republican budget plan, allowing a $30 million spending plan to take effect and ending a nine-month budget impasse that threatened to close some schools.
But in a written statement, Moody's said the approved budget "casts no light on the government's ability to reach compromise on its long-term fiscal challenges."
Read more: www.pennlive.com/news/2016/03/budget_agreement_doesnt_solve.html
It's nice that Pennsylvania now has a 2015-16 budget — but that doesn't really address the problems of the state's structural budget deficit or its pension crisis, a credit rating agency said Thursday.
What's more, Moody's predicts that Pennsylvania is heading toward another budget stalemate as it heads toward the next fiscal year, reports The Associated Press. The new fiscal year begins July 1.
Moody's applauded the fact that Democratic Gov. Tom Wolf said he will not veto a Republican budget plan, allowing a $30 million spending plan to take effect and ending a nine-month budget impasse that threatened to close some schools.
But in a written statement, Moody's said the approved budget "casts no light on the government's ability to reach compromise on its long-term fiscal challenges."
Read more: www.pennlive.com/news/2016/03/budget_agreement_doesnt_solve.html