State Treasurer Issues Large Loan to State

State Treasurer Joe Torsella has allocated the state a loan of 700-million.

It’s a five day loan, allowing Pennsylvania to make its Medicaid payments until funds can arrive from the Federal government. Jennifer Kocher, Senate Republican Spokesperson, raised concern about Torsella’s decision.

“We’ve long said borrowing was only acceptable in the context of that there would be stability in budgeting. Borrowing from the next to the next is not providing that stability.”

Torsella had refused to give the State another loan, but now says the Wolf Administration has turned over enough information about its budget plan. The 32 billion dollar State budget is still without a revenue plan to support it.