Can the budget deficit be solved with cuts alone?

Can the budget deficit be solved with cuts alone?

As legislators in the state House of Representatives have been spending the last month or so mulling over how to close the $2.3 billion deficit facing the current status of the state budget, most of the proposals in that chamber have focused on ways to avoid or at least lessen the potential prospect of broad-based tax increases.

 

While a group of self-titled “budget hawks” have been working on a solution that transfers money from non-General Fund pools of money into the Commonwealth’s main checking account as a way to solve the issue, others have not hidden the fact that they’d like to cut their way out of the problem to close the deficit from the last fiscal year and align the current budget with estimated state revenues for this fiscal year—currently sitting around $31.19 billion.

Thursday, August 31, 2017/Author: Jason Gottesman
Categories: News and Views
As revenue projections hold, IFO sees continued weakness in sales tax growth

As revenue projections hold, IFO sees continued weakness in sales tax growth

Appearing before the House State Government Committee Wednesday to brief members on their current and legislatively proposed job functions, the Independent Fiscal Office reported that while their current year revenue projections are holding firm, there is continued weakness in sales tax growth that is ultimately adding to undermined General Fund revenue collections.

Wednesday, August 30, 2017/Author: Jason Gottesman
Categories: News and Views
Revenue discussion update: Wolf warns sternly as House GOP works toward consensus plan

Revenue discussion update: Wolf warns sternly as House GOP works toward consensus plan

Progress toward an eventual budget solution crept forward on Tuesday as several dozen House Republicans gathered in the state Capitol for a briefing on a plan some members have developed that relies mainly on special fund transfers to dig Pennsylvania out of its current $2.2 billion deficit.

Tuesday, August 29, 2017/Author: Jason Gottesman
Categories: News and Views
Markosek: “The leadership in the House Democratic caucus is at least on board with trying to get those votes” for budget revenue

Markosek: “The leadership in the House Democratic caucus is at least on board with trying to get those votes” for budget revenue

The halls of state Capitol remained quiet Monday as Pennsylvania’s revenue-related budget impasse rolled into its ninth full week.

While a few members of House legislative leadership were in the building, not much visible progress was made toward balancing the state’s $31.99 billion spending plan, which is currently $2.2 billion out of balance.

Monday, August 28, 2017/Author: Jason Gottesman
Categories: News and Views
Gov. Wolf: “The right thing to do is for the House Republicans to get back to work and finish the job”

Gov. Wolf: “The right thing to do is for the House Republicans to get back to work and finish the job”

With the Commonwealth perhaps just days or weeks away from the need to borrow additional money to keep the General Fund balance above zero and maintain paying the state’s bills, Gov. Tom Wolf said Tuesday that House Republicans need to return to session to work through a solution that balances the $31.99 billion budget that became law in early July.

Tuesday, August 22, 2017/Author: Jason Gottesman
Categories: News and Views
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