Governor Wolf Calls For Swift Budget Action After Credit Downgrade
September 20, 2017
Harrisburg, PA – Governor Tom Wolf today released the following statement calling for swift action to complete the state budget after Standard and Poor’s downgraded the commonwealth’s credit rating, citing the ongoing budget completion delay and the decade-long struggle to eliminate the commonwealth’s structural budget deficit:
“For months, I have warned that a credit downgrade was looming. I have said repeatedly for three years that we must responsibly fund the budget with recurring revenues. My budget proposal was balanced, cut more than $2 billion in expenditures and consolidated agencies, while also fixing the deficit.
“The Senate understood the need for urgency and acted responsibly in July to fully fund the budget and enact recurring revenues to eliminate the deficit, and my administration has tried for weeks to hold off a downgrade.
“We must reach an immediate resolution to the budget and today’s news should be a wake-up call to come together and end this now. If an agreement has not progressed by next week, I will be forced to take further steps to manage this situation.”