Thanks to Mike Turzai and House Republicans who failed to vote on a budget plan all summer and then finally, last week passed an irresponsible revenue package, Pennsylvania today received a credit downgrade from Standard and Poor’s.
“Make no mistake, House Republicans, led by Mike Turzai, are the reason S&P has downgraded the state’s credit rating,” said Sinceré Harris, Executive Director of the Pennsylvania Democratic Party. “While everyone else in Pennsylvania heeded the warnings of downgrades, House Republicans wasted time for months and only last week passed an irresponsible revenue package they knew was dead on arrival in the Senate. Mike Turzai and House Republicans should be ashamed that their irresponsible behavior has caused a downgrade.”
BACKGROUND
“As the budget deadlock in the Capitol drags on, a credit rating agency on Wednesday delivered a hard fiscal punch to Pennsylvania: a credit downgrade. Standard & Poor’s lowered Pennsylvania’s bond rating a notch, citing the state’s out-of-balance budget, its more than $2 billion deficit and its reliance on one-time financial fixes in negotiating budgets over the last decade.” [Philadelphia Inquirer, 9/20/17]