PHILADELPHIA- (November 13th, 2014) – Senator Vincent Hughes issued the following statement in response to the Independent Fiscal Office’s projection that Pennsylvania has a budget deficit of nearly $2 billion:
“I am disturbed but not surprised to learn that Pennsylvania has a growing budget deficit, estimated by the Independent Fiscal Office as being nearly $2 billion. This is a direct result of the irresponsible fiscal policies pursued by the Corbett Administration. It is also exactly why the entire Senate Democratic caucus voted against the most recent budget. The numbers simply did not add up and today’s news is another confirmation of that fact.
“This is also the reason that major credit rating agencies have downgraded Pennsylvania’s bond rating multiple times. As a result, it is now more expensive for our Commonwealth to borrow money and finance important economic development projects. This is another legacy of the failed fiscal policies of the Corbett Administration.
“Today’s news is another reminder that it’s time to move in a new direction. State lawmakers must work with Governor-elect Wolf to implement responsible fiscal policies. We simply cannot allow a growing tide of red ink to drown Pennsylvania’s future.”
Senator Vincent Hughes represents the 7th Senatorial District, which includes parts of Philadelphia and Montgomery County. He is also the Democratic Chairman of the Senate Appropriations Committee.