"The decision by Standard & Poor's to downgrade Pennsylvania's credit rating should come as no surprise".
The credit rating agency Standard and Poor's lowered its rating on Wednesday to an "A+'". With this downgrade, Pennsylvania has slid to the bottom five states rated by S&P.
Democratic Gov. Tom Wolf on Tuesday said he was optimistic the Republican-controlled Legislature can produce a deal to patch a projected $2.2 billion budget gap in the coming days and end a almost three-month stalemate.
SenateRepublicans, Democratic lawmakers and public finance professionals say such a transaction is nothing more than borrowing and would likely carry a higher effective interest rate even than a traditional securitization agreement because it shifts some risk to the lender.
"The downgrade largely reflects the commonwealth's chronic structural imbalance dating back almost a decade, a history of late budget adoption and our opinion that this pattern could continue", S&P analyst Carol Spain said in a statement.
The downgrade means Pennsylvania will pay more to borrow money: an estimated $10.0 million for every billion dollars the state borrows or refinances. No matter what the right-wing advocates say, a majority of Republican members of the General Assembly is simply unwilling to reduce state spending to the level necessary to balance the budget without new taxes - indeed they have taken credit for increased spending for education and human services.
In a two-page letter sent September 12 to lawmakers and Wolf, state Treasurer Joseph M. Torsella and Auditor General Eugene A. DePasquale, both Democrats, cited the state's imminent inability to pay its bills.
While the Pennsylvania government has bailed the state out every year since the recession, two independently elected officials, Treasurer Joe Torsella and Auditor General Eugene DePasquale (both Democrats), have refused to authorize a short-term loan during the stalemate.
They said the Treasury should let the state keep spending despite the funding gap, because "revenue is still coming in".
In the past week, Wolf delayed making more than $1.7 billion in payments, mostly to Medicaid insurers and school districts.
The downgrade is the second by Standard and Poor's in three years - the previous one was under Wolf's Republican predecessor - as budget-makers have struggled to pull Pennsylvania out of a long-running deficit. "I have said repeatedly for three years that we must responsibly fund the budget with recurring revenues", he said.
ELLIOTT: That's what matters to Gene Daniels, here to sell a gun. "All you have to do is talk to him to understand that". Both Strange and Moore have aligned themselves with Trump, who remains deeply popular in the blood red state .
Toys R Us has around $5bn worth of long-term debt on its balance sheet, a substantial chunk of which needs to be repaid next year. But in a statement sent to various media outlets, chairman and CEO Dave Brandon was optimistic about the future of the chain.
Armed police patrolled the entrance to the court and trucks filled with security forces were parked outside the building. Kenya's police chief Joseph Boinnet has repeatedly ignored calls by the judiciary to act on the threats, Maraga said.
At the top of the Emmys , host Stephen Colbert welcomed Spicer on stage to jokingly assess the audience size. Kidman said the show "was created out of frustration because women weren't getting great roles".
The debate over the charge was revived in August a year ago , when Trai issued a consultation paper proposing to review it. Telecom operators levy IUC on incoming calls from other networks and the charges are passed on to subscribers.
She said Pakistan's policies, which are based on the country's national interest, are framed in Islamabad , not in Washington. The US is traditionally the second speaker on the opening day of the General Debate, after Brazil.
After the Giants recovered Matthew Stafford's fumble in the second quarter, Manning threw behind Engram on first down. Manning turned in a game effort by going 22 of 32 for 239 yards with a touchdown and interception.
EDGAR contained a hole in its test filing system that was exploited by hackers to gain access to nonpublic information. In wake of the incident, Clayton said the SEC expects to hire more expertise around cybersecurity.
She was also a teacher's assistant in Agawam Middle School. 'They never, ever gave up on Lisa, and that is what we're focused on'. She was reported missing the next day, when the day clerk arrived to find the store open and the lights still on.
All seven suspects were not attending schools, six tested positive to drugs while two have criminal records, he added. Police had put the boys' ages at between 13 and 17 on Thursday, and couldn't be reached to explain the discrepancy.
Apple CEO: DACA Is 'Biggest Issue Of Our Time'
When Trump announced a ban on transgender people serving in the military, Cook fired back , "We are indebted to all who serve". While on the subject of cameras , the iPhone 8 Plus has two new sensors and a new feature called Portrait Lighting.
Wall St opens slightly higher ahead of Fed meet
Advancing issues outnumbered declining ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers. A separate report released by the Labor Department showed increases in US import and export prices in the month of August.
Power companies: Bulloch service fully restored
FPL spokesman Dave McDermitt said the remaining local power outages are not confined to specific neighborhoods. LCEC expects to have most power restored by Friday to those in Immokalee and Lehigh Acres.