Pennsylvania Dem Gov Tom Wolf Sued Over Massive Borrowing Scheme

Wolf is being sued over his dangerous budgetary ploy – borrowing over a billion dollars to cover his deficit.

The RGA writes:

Under failed Democrat Governor Tom Wolf, Pennsylvania still lacks a properly balanced budget. Now, Wolf is being sued over his dangerous budgetary ploy – borrowing over a billion dollars to cover his deficit.

On Monday, an emergency injunction was filed to stop Tom Wolf’s plan to borrow $1.25 billion from the state’s liquor monopoly’s future revenues. The Associated Press has previously criticized Wolf’s borrowing plan, calling it “bad fiscal practice.”

But could Wolf’s plan to borrow over a billion dollars – without the approval of the legislature – also be illegal?

The Patriot-News reports“An emergency injunction was filed in Commonwealth Court on Monday seeking to put on hold the PLCB’s plan to carry out Wolf’s request to monetize the agency’s future earnings to provide a one-time cash infusion of $1.25 billion…”

“…If granted, the court documents say, ‘An injunction will end this illegal borrowing, and will force Governor Wolf to seek legislative approval – as the law requires – for inter-year borrowing in the name of the people of Pennsylvania.’”

Tom Wolf’s reckless borrowing schemes threaten to hurt Pennsylvania for years to come.

The Patriot-News: Injunction Sought To Stop Wolf's Borrowing To Balance PA's Budget

Gov. Tom Wolf's plan to use his executive powers to borrow against future Pennsylvania Liquor Control Board payments to help fund this year's budget may have hit a roadblock.

An emergency injunction was filed in Commonwealth Court on Monday seeking to put on hold the PLCB's plan to carry out Wolf's request to monetize the agency's future earnings to provide a one-time cash infusion of $1.25 billion to help close the $2.2 billion revenue deficit in this year's $32 billion enacted state budget.

Additionally, the court filing seeks to stop Wolf, along with state Treasurer Joe Torsella and Auditor General Eugene DePasquale, from authorizing any further borrowing of Treasury's assets to pay the prior fiscal year's deficits as well as to protect the state's general fund from insolvency as they did in August and again,  earlier this month.

http://www.pennlive.com/politics/index.ssf/2017/10/pa_treasurer_authorizes_anothe.htm

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