Wednesday, December 3, 2008
As state revenues continue to tumble some lawmakers are starting to look at short and long-term borrowing to help keep the state afloat. The latest numbers from the Department of Revenue show income about $93 million below expectations for November. That puts the state about $658 million behind for the fiscal year. Republican Senate Pro Tem and Lieutenant Governor Joe Scarnati says he's willing to consider alternatives to increasing taxes so he is “willing to take a look" at new borrowing. State Treasurer Robin Wiessmann says with proper planning, the state could do short-term borrowing to balance the books. Wiessmann also advocates borrowing for larger projects to create jobs that will help pull the state out of recession. On the House side, Democratic Majority Appropriations Chair Dwight Evans also supports what he calls investment borrowing.