Pennsylvania credit rating downgraded; a major blow to Gov. Tom Wolf

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Additionally, Ms. Spain said the state’s structural deficit is still manageable on an annual basis. However, Pennsylvania is struggling to meet certain obligations on time because of its “reliance on one-time revenues.”

Furthermore, the S&P credit analyst said the consequences of the budget gridlock extended beyond policy considerations to credit quality.

On Monday, Governor Tom Wolf expressed optimism that his administration will reach a compromise with legislators. A vote on a budget plan is possible before October 1.

Pennsylvania governor calls for immediate action

Today, Gov. Wolf issued a statement calling for an immediate action to complete the state budget.

Pennsylvania Governor Tom Wolf
Image source: Flickr

For months, Gov. Wolf warned his fellow politicians about the looming credit rating 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,” he said.